Q45, run 2026-11-04-1643-sonnet

Is Valdoria Telecom's 2027 note rated above what Valdoria's Country Ceiling allows?

Tests: Local codes and ceilings: local-currency debt is not capped, so BBB- above a BB ceiling is allowed.

Expected: above_ceiling = no

✅ R1 csv run 1 graded by code

No. The ceiling (BB) applies to FC, and I07's BBB- (A45) matches the LC rating (A13).

JSON: {"above_ceiling": "no"}

❌ R1 csv run 2 graded by code

Depends. I07 is rated BBB- (A45) against a BB ceiling (A12), but whether the ceiling applies depends on the undefined XVD currency.

JSON: {"above_ceiling": "depends"}

Why: above_ceiling: expected no, got depends

✅ R1 csv run 3 graded by code

No. The Country Ceiling applies to foreign-currency ratings, and this note appears to be in local currency. Its BBB- (A45) is also above the BB ceiling, so the answer would change if XVD were not local currency.

JSON: {"above_ceiling": "no"}

❌ R1 csv run 4 graded by code

Depends. I07 is rated BBB-, above the BB ceiling (A12). The ceiling only constrains foreign-currency obligations, and whether XVD is local currency is unconfirmed.

JSON: {"above_ceiling": "depends"}

Why: above_ceiling: expected no, got depends

✅ R1 csv run 5 graded by code

No. The ceiling applies to foreign-currency ratings, and I07 is a local-currency instrument.

JSON: {"above_ceiling": "no"}

✅ R2 rdf run 1 graded by code

No. The ceiling applies to foreign-currency ratings, and I07 is a local-currency note at BBB- (A45), which is above the BB ceiling anyway.

JSON: {"above_ceiling": "no"}

✅ R2 rdf run 2 graded by code

No. The ceiling (BB) limits foreign-currency ratings, and I07 is a local-currency instrument rated BBB- (A45).

JSON: {"above_ceiling": "no"}

✅ R2 rdf run 3 graded by code

No. The BB ceiling (A12) applies to foreign-currency ratings, and I07 is a local-currency obligation.

JSON: {"above_ceiling": "no"}

✅ R2 rdf run 4 graded by code

No. The ceiling limits FC ratings, and this note is local-currency.

JSON: {"above_ceiling": "no"}

✅ R2 rdf run 5 graded by code

No. The BB ceiling applies to foreign-currency ratings, and I07 is a local-currency note rated BBB- (A45).

JSON: {"above_ceiling": "no"}

✅ R6 rdf+ontology run 1 graded by code

No. I07 is BBB- (A45) against a ceiling of BB, but the ceiling does not cap domestic-currency debt.

JSON: {"above_ceiling": "no"}

✅ R6 rdf+ontology run 2 graded by code

No. I07 is rated BBB- (A45), above the BB ceiling, but local-currency debt is not capped by the ceiling.

JSON: {"above_ceiling": "no"}

✅ R6 rdf+ontology run 3 graded by code

No. I07 is BBB- (A45) against a ceiling of BB, but local-currency debt is not capped by the ceiling.

JSON: {"above_ceiling": "no"}

✅ R6 rdf+ontology run 4 graded by code

No. I07 is BBB- (A45), but local-currency debt isn't capped by the ceiling.

JSON: {"above_ceiling": "no"}

✅ R6 rdf+ontology run 5 graded by code

No. I07 is rated BBB-, above the BB ceiling, but as a local-currency obligation it is not capped.

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 1 graded by code

No. The ceiling does not cap local-currency debt, so I07's BBB- (A45) is not above what the ceiling allows.

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 2 graded by code

No. I07 is local-currency debt, so the ceiling does not cap it. Its rating is BBB- (A45).

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 3 graded by code

No. I07 is local-currency debt, which the ceiling does not cap.

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 4 graded by code

No. Local-currency debt is not capped by the ceiling.

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 5 graded by code

No. I07 is local-currency debt, which the ceiling does not cap, and its BBB- (A45) sits above VD's BB ceiling without breaching it.

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 1 graded by code

No. I07 is a local-currency obligation, so the ceiling does not apply. It is rated BBB- (A45).

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 2 graded by code

No. I07 is local-currency debt (BBB-, A45), and the ceiling applies only to FC debt.

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 3 graded by code

No. I07 is local-currency, so the ceiling doesn't apply to it. It is rated BBB- (A45).

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 4 graded by code

No. I07 is rated BBB- (A45), and the ceiling does not apply to local-currency debt.

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 5 graded by code

No. A local-currency obligation is not capped by the ceiling, so the ceiling does not apply to I07 (BBB-, A45).

JSON: {"above_ceiling": "no"}

❌ R3 csv+padding run 1 graded by code

Depends, because it hinges on Q44. I07 is BBB- (A45) against a BB ceiling (A12), but a ceiling applies to FC obligations, not LC ones.

JSON: {"above_ceiling": "depends"}

Why: above_ceiling: expected no, got depends

❌ R3 csv+padding run 2 graded by code

Depends. I07 is rated BBB- (A45), above the BB ceiling (A12). The ceiling applies only to foreign-currency obligations, so this hinges on Q44.

JSON: {"above_ceiling": "depends"}

Why: above_ceiling: expected no, got depends

✅ R3 csv+padding run 3 graded by code

No. If XVD is local currency, the ceiling (BB, A12) does not apply to I07's BBB- rating (A45).

JSON: {"above_ceiling": "no"}

✅ R3 csv+padding run 4 graded by code

No. The ceiling of BB constrains foreign-currency ratings, and I07 is a local-currency obligation rated BBB- (A45).

JSON: {"above_ceiling": "no"}

❌ R3 csv+padding run 5 graded by code

Depends. I07 is rated BBB- (A45) against a BB ceiling (A12). The ceiling constrains foreign-currency obligations, so whether this is "above" turns on the undefined XVD in Q44.

JSON: {"above_ceiling": "depends"}

Why: above_ceiling: expected no, got depends