Q6, run 2026-11-04-1616-sonnet

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Why is Valdoria Telecom's foreign-currency rating lower than its local-currency rating?

Tests: Ceilings: a Country Ceiling is a cap on foreign-currency ratings, not a rating of the sovereign or of the company.

Expected: Because of the Country Ceiling for Valdoria (BB), which caps the foreign-currency ratings of entities domiciled there (transfer and convertibility risk). The local-currency rating (BBB-) is not capped.

🟡 R1 csv run 1 graded by llm

The data points to the sovereign country ceiling. VD's country ceiling is BB (A12), and E05's foreign-currency rating is BB (A14) while its local-currency rating is BBB- (A13). The data does not state the reason explicitly.

Why: Names the BB country ceiling as the likely cause, but never says the ceiling caps foreign-currency ratings and not local-currency ones, and hedges that the data doesn't state the reason.

🟡 R1 csv run 2 graded by llm

The data doesn't state a reason. It does show that VD's country ceiling is BB (A12), and E05's FC rating is BB (A14), so the cap is the likely cause. E05's LC rating is BBB- (A13).

Why: Names the BB country ceiling as the likely cause, but never states that the ceiling caps foreign-currency ratings and not local-currency ones; it hedges that the data gives no reason.

✅ R1 csv run 3 graded by llm

The data points to the country ceiling. Valdoria's country ceiling is BB (A12), and the FC rating of BB (A14) sits at that cap while the LC rating of BBB- (A13) is not capped.

✅ R1 csv run 4 graded by llm

Valdoria's country ceiling is BB (A12). The foreign-currency rating is capped at that ceiling (A14, BB), while the local-currency rating is BBB- (A13).

✅ R1 csv run 5 graded by llm

The data doesn't state a reason explicitly. The country ceiling for Valdoria (VD, A12) is BB, and the FC rating on E05 (A14) is BB, while the LC rating (A13) is BBB-. That is consistent with the FC rating being capped at the ceiling.

🟡 R2 rdf run 1 graded by llm

The data doesn't say why. E05 is BB in foreign currency (A14) and BBB- in local currency (A13), and the sovereign VD's country ceiling is BB (A12). That fits a ceiling effect, but no record states it as the reason.

Why: Identifies the BB country ceiling and that it fits the FC/LC gap, but hedges that no record states it as the cause and doesn't say the ceiling caps only foreign-currency ratings.

🟡 R2 rdf run 2 graded by llm

The data gives no stated reason. E05's foreign-currency rating is BB (A14) and its local-currency rating is BBB- (A13). The BB equals Valdoria's country ceiling (A12), which is consistent with a ceiling cap.

Why: Notes BB equals the country ceiling and is consistent with a cap, but hedges that no reason is stated, doesn't assert the ceiling as the cause, and doesn't say it applies to foreign-currency and not local-currency ratings.

🟡 R2 rdf run 3 graded by llm

The data doesn't state a reason. E05's foreign-currency rating is BB (A14) and its local-currency rating is BBB- (A13). The VD country ceiling is BB (A12), which is consistent with a ceiling effect, but that is inference.

Why: Identifies the VD country ceiling (BB) as consistent with the lower foreign-currency rating, but hedges it as inference, doesn't commit to it as the cause, and doesn't state that the ceiling caps foreign-currency but not local-currency ratings.

🟡 R2 rdf run 4 graded by llm

The data does not state a reason. It shows E05's local-currency rating at BBB- (A13) and foreign-currency at BB (A14). The Valdoria country ceiling is BB (A12), which is consistent with a ceiling effect, but that is inference.

Why: Identifies the BB country ceiling as consistent with the gap but hedges it as inference, doesn't assert it as the cause, and never says the ceiling caps foreign-currency but not local-currency ratings.

🟡 R2 rdf run 5 graded by llm

The data states no reason. E05's FC rating is BB (A14) and its LC rating is BBB- (A13). Valdoria's country ceiling is BB (A12), which is consistent with the gap, but that link is an inference.

Why: Mentions the BB country ceiling as consistent with the gap but hedges it as inference, and never says the ceiling caps foreign-currency ratings but not local-currency ones.

✅ R6 rdf+ontology run 1 graded by llm

E05's FC rating is BB (A14), against a BBB- LC rating (A13). The Valdoria Country Ceiling is BB (A12) and caps FC ratings but not LC ratings.

✅ R6 rdf+ontology run 2 graded by llm

The data points to the Country Ceiling. E05 is domiciled in VD, whose ceiling is BB (A12), and its FC rating is BB (A14) against BBB- local currency (A13). FC ratings are capped by the ceiling and LC ratings are not.

✅ R6 rdf+ontology run 3 graded by llm

The Republic of Valdoria's Country Ceiling is BB (A12), which caps foreign-currency ratings of entities domiciled there. E05's foreign-currency rating is BB (A14), while its local-currency rating is BBB- (A13) and is not capped.

✅ R6 rdf+ontology run 4 graded by llm

The data indicates the Country Ceiling for Valdoria (VD) caps it. A12 sets the VD ceiling at BB. E05's foreign-currency rating is BB (A14), while its local-currency rating is BBB- (A13), and local-currency ratings are not capped.

✅ R6 rdf+ontology run 5 graded by llm

The data doesn't state a reason, but it is consistent with the Country Ceiling. E05 is domiciled in VD, whose ceiling is BB (A12). E05's FC rating is BB (A14), while its LC rating is BBB- (A13) and is not capped.

✅ R5 csv+ontology run 1 graded by llm

The Country Ceiling for Valdoria (VD, A12) is BB. E05's FC rating is capped at BB (A14), while its LC rating of BBB- (A13) is not capped.

✅ R5 csv+ontology run 2 graded by llm

Valdoria Telecom's FC rating (A14, BB) is capped by Valdoria's Country Ceiling of BB (A12). Its LC rating (A13, BBB-) is not capped.

✅ R5 csv+ontology run 3 graded by llm

The foreign-currency rating is capped at Valdoria's Country Ceiling of BB (A12). The local-currency rating is not capped, so it sits at BBB- (A13 vs A14).

✅ R5 csv+ontology run 4 graded by llm

The Valdoria Country Ceiling is BB (A12), which caps foreign-currency ratings. Valdoria Telecom's FC rating is therefore BB (A14), while its LC rating of BBB- (A13) is not capped.

✅ R5 csv+ontology run 5 graded by llm

Valdoria's Country Ceiling is BB (A12) and it caps foreign-currency ratings, so E05's FC rating is BB (A14). Its LC rating of BBB- (A13) is not capped.