Q6, run 2026-11-04-1643-sonnet

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 doesn't state a reason. The FC rating (A14, BB) equals the Valdoria Country Ceiling (A12, BB), while the LC rating (A13) is BBB-. That suggests the ceiling caps the FC rating, but that is my inference.

🟡 R1 csv run 2 graded by llm

The data doesn't state a reason. It does show the Valdoria country ceiling (VD, A12) at BB, equal to the foreign-currency rating of E05 (A14), while the local-currency rating is BBB- (A13), which is consistent with a ceiling cap.

Why: Identifies the BB country ceiling matching the FC rating and implies a cap, but hedges that the data states no reason and never says the ceiling applies to foreign-currency and not local-currency ratings.

✅ R1 csv run 3 graded by llm

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

✅ R1 csv run 4 graded by llm

The Republic of Valdoria's Country Ceiling is BB (A12), which caps E05's foreign-currency rating at BB (A14). Its local-currency rating is BBB- (A13).

✅ R1 csv run 5 graded by llm

Valdoria's Country Ceiling is BB (A12), which caps the foreign-currency rating at BB (A14). The local-currency rating of BBB- (A13) is not capped by it.

🟡 R2 rdf run 1 graded by llm

The data states no reason. E05 has an LC rating of BBB- (A13) and an FC rating of BB (A14). The BB FC rating equals Valdoria's country ceiling (A12), which is consistent with a ceiling effect, but that is an inference.

Why: Notes the BB FC rating equals the country ceiling (BB) but hedges it as inference and does not state that the ceiling caps FC and not LC ratings.

🟡 R2 rdf run 2 graded by llm

The data gives no stated reason. E05's FC rating is BB (A14) against LC BBB- (A13), and Valdoria's country-ceiling (CC) record is BB (A12), which is consistent with a ceiling effect, but that is inference.

Why: Identifies the BB country ceiling as consistent with the FC rating but hedges it as inference, and never states that the ceiling caps foreign-currency ratings and not local-currency ones.

🟡 R2 rdf run 3 graded by llm

The data doesn't state a reason. E05 has an LC rating of BBB- (A13) and an FC rating of BB (A14), and VD's Country Ceiling is BB (A12). The ceiling is consistent with the FC rating, but that is inference.

Why: Mentions the BB Country Ceiling as consistent with the FC rating but hedges it as inference, doesn't assert it as the cause, and never says the ceiling caps FC but not LC ratings.

🟡 R2 rdf run 4 graded by llm

The data doesn't state a reason. E05's FC rating is BB (A14) and its LC rating is BBB- (A13). The BB equals the Valdoria country ceiling (A12), which fits a ceiling effect, but that is inference.

Why: Links FC rating BB to the Valdoria ceiling (BB) as a fitting ceiling effect, but hedges it as inference and never states that the ceiling caps FC and not LC ratings.

🟡 R2 rdf run 5 graded by llm

The data gives no explicit reason. E05's local-currency rating is BBB- (A13) and its foreign-currency rating is BB (A14). The BB matches Valdoria's country ceiling (VD, A12), which is consistent with a ceiling cap, but that is an inference.

Why: Links the BB foreign-currency rating to Valdoria's BB country ceiling as a hedged inference, but never states that the ceiling caps foreign-currency and not local-currency ratings.

✅ R6 rdf+ontology run 1 graded by llm

The Country Ceiling caps foreign-currency ratings and not local-currency ones. E05 is domiciled in VD, whose ceiling is BB (A12). Its foreign-currency rating is BB (A14), while its local-currency rating is BBB- (A13).

✅ R6 rdf+ontology run 2 graded by llm

E05's FC rating is BB (A14) and its LC rating is BBB- (A13). The FC rating is capped by Valdoria's Country Ceiling, which is BB (A12); the LC rating is not capped.

✅ R6 rdf+ontology run 3 graded by llm

The data does not state a reason directly. E05's FC rating is BB (A14) and its LC rating is BBB- (A13), and the Valdoria Country Ceiling is BB (A12), which caps FC ratings but not LC ratings.

✅ R6 rdf+ontology run 4 graded by llm

E05's foreign-currency rating (A14) is BB and its local-currency rating (A13) is BBB-. The data doesn't state a reason, but BB equals the Valdoria Country Ceiling (A12), which caps foreign-currency ratings and not local-currency ones.

✅ R6 rdf+ontology run 5 graded by llm

Valdoria Telecom's (E05) foreign-currency rating is BB (A14) and its local-currency rating is BBB- (A13). The foreign-currency rating is capped by Valdoria's Country Ceiling of BB (A12), while the local-currency rating is not capped.

✅ R5 csv+ontology run 1 graded by llm

The question is not in the JSON, so for the record: A14 gives E05's FC rating as BB, which matches the Valdoria Country Ceiling of BB (A12). The LC rating of BBB- (A13) is not capped.

✅ R5 csv+ontology run 2 graded by llm

The Country Ceiling for Valdoria is BB (A12), and it caps the FC rating. E05's FC rating is BB (A14) and its LC rating is BBB- (A13), which the ceiling does not cap.

✅ R5 csv+ontology run 3 graded by llm

The Valdoria Country Ceiling is BB (A12), which caps foreign-currency ratings. E05's FC rating is therefore BB (A14), while its LC rating is BBB- (A13), which is not capped.

✅ R5 csv+ontology run 4 graded by llm

This is not a structured question, so there is no JSON entry. VD's Country Ceiling is BB (A12), which caps E05's foreign-currency rating at BB (A14). The local-currency rating (A13, BBB-) is not capped.

✅ R5 csv+ontology run 5 graded by llm

The foreign-currency rating is held at the Country Ceiling. VD's ceiling is BB (A12), which caps E05's FC rating (A14, BB) but not its LC rating (A13, BBB-).

✅ R4 csv+markdown run 1 graded by llm

The Country Ceiling for VD is BB (A12). It caps the foreign-currency rating at BB (A14), while the local-currency rating of BBB- (A13) is not capped.

✅ R4 csv+markdown run 2 graded by llm

The FC rating is held to the Country Ceiling (A12, BB) because it is subject to transfer and convertibility risk. The LC rating of BBB- (A13) is not capped.

✅ R4 csv+markdown run 3 graded by llm

Valdoria's Country Ceiling is BB (A12) and caps the foreign-currency rating (A14, BB). The local-currency rating (A13, BBB-) is not capped.

✅ R4 csv+markdown run 4 graded by llm

Valdoria's Country Ceiling is BB (A12). It caps the foreign-currency rating (A14, BB) but not the local-currency rating (A13, BBB-).

✅ R4 csv+markdown run 5 graded by llm

The Valdoria Country Ceiling is BB (A12), and it caps the FC rating (A14, BB). The LC rating (A13, BBB-) is not capped.

🟡 R3 csv+padding run 1 graded by llm

The data doesn't state a reason. E05's FC rating (A14, BB) equals the Valdoria country ceiling (A12, BB), while its LC rating (A13) is BBB-, which is consistent with a ceiling cap on FC.

Why: Links FC rating to the BB country ceiling and notes it's consistent with an FC cap, but hedges that the data doesn't state a reason and doesn't clearly say the ceiling applies to FC and not LC.

🟡 R3 csv+padding run 2 graded by llm

The data supports only a partial answer. E05's foreign-currency rating is BB (A14) and its local-currency rating is BBB- (A13). VD's country ceiling is BB (A12), which matches the foreign-currency rating; the data states no causal reason.

Why: Identifies the BB country ceiling matching the foreign-currency rating, but does not state that the ceiling caps foreign-currency ratings and not local-currency ones, and disclaims causation.

🟡 R3 csv+padding run 3 graded by llm

The data does not state a reason. It is consistent with the foreign-currency rating being held at Valdoria's Country Ceiling of BB (A12, A14), while the local-currency rating is BBB- (A13).

Why: Points to the BB Country Ceiling on the foreign-currency rating but hedges that no reason is stated rather than naming it as the cause, and never says the ceiling caps only foreign-currency ratings.

🟡 R3 csv+padding run 4 graded by llm

The data does not state a reason. It is consistent with the country ceiling: VD's CC is BB (A12), and E05's foreign-currency rating is BB (A14) against BBB- local currency (A13).

Why: Names the BB Country Ceiling as consistent with the FC rating, but hedges that the data states no reason and never says the ceiling caps foreign-currency but not local-currency ratings.

🟡 R3 csv+padding run 5 graded by llm

The data points to the country ceiling: VD's ceiling is BB (A12). E05's foreign-currency rating is BB (A14), equal to that ceiling, while its local-currency rating is BBB- (A13).

Why: Names the BB country ceiling as the cause, but never states that the ceiling caps foreign-currency ratings and not local-currency ones (only implies it via the ratings given).