Q6, run 2026-11-04-1644-haiku

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 does not state the reason. The FC rating (BB, A14) is below the LC rating (BBB-, A13), and it matches the sovereign's only rating, BB (A12), which is consistent with a sovereign-ceiling cap but does not confirm it.

Why: Notes FC matches the sovereign BB and is consistent with a ceiling cap, but does not name the Country Ceiling as the cause or state it caps FC and not LC ratings.

🟡 R1 csv run 2 graded by llm

The data doesn't state a reason. The timing fits the sovereign country ceiling of BB set the same day (A12, against FC BB in A14 and LC BBB- in A13), but this is inference.

Why: Identifies the BB country ceiling as the likely cause but hedges it as inference and never states that the ceiling caps foreign-currency but not local-currency ratings.

🟡 R1 csv run 3 graded by llm

The data gives no reason. Valdoria's FC issuer rating is BB (A14) and its LC rating is BBB- (A13); the Republic of Valdoria's country ceiling is also BB (A12), which is consistent with a ceiling cap, but the data does not say so.

Why: Identifies the BB country ceiling as consistent with the FC rating but hedges and doesn't state it as the cause or that it caps FC but not LC ratings.

🟡 R1 csv run 4 graded by llm

The data doesn't give a reason. The FC rating (BB, A14) is below the LC rating (BBB-, A13), and the FC rating matches Valdoria's FC country ceiling (BB, A12), which is consistent with a ceiling cap but not stated as one.

Why: Notes FC rating equals the BB country ceiling, consistent with a cap, but hedges that it isn't stated and doesn't say the ceiling caps FC and not LC ratings.

🟡 R1 csv run 5 graded by llm

The FC rating (BB, A14) equals Valdoria's country ceiling of BB (A12), which sits below the LC rating of BBB- (A13). The data does not state the reason explicitly, so this is inferred from the ceiling.

Why: Names the BB country ceiling as the cause, but never says it caps foreign-currency ratings and not local-currency ones; it only notes the ceiling sits below the LC rating.

🟡 R2 rdf run 1 graded by llm

No reason is stated in the data.
Valdoria Telecom's foreign-currency rating (E05 BB, A14) is below its local-currency rating (E05 BBB-, A13), both dated 2025-04-01. The sovereign country-ceiling record (VD, A12, BB) matches the foreign-currency rating and may be the cap, but the data doesn't say so. (Q6 has no JSON field, so it is omitted below.)

Why: Notes the BB country ceiling matches the foreign-currency rating and may be the cap, but hedges and does not state it as the cause or that it caps only foreign-currency ratings.

🟡 R2 rdf run 2 graded by llm

The data does not state a reason. E05's FC rating (BB, A14) is below its LC rating (BBB-, A13). The sovereign VD has a CC-type rating of BB (A12), which matches the FC rating and may be a country ceiling, but the data does not define "CC."

Why: Notes the sovereign's BB CC-type rating matches the FC rating and may be a ceiling, but hedges and doesn't state the ceiling as the cause or that it caps FC and not LC.

🟡 R2 rdf run 3 graded by llm

The data doesn't say why. Valdoria's foreign-currency rating (BB, A14) is below its local-currency rating (BBB-, A13); the Republic of Valdoria's CC-type record (A12, BB) may be the cap, but the data doesn't say so.

Why: Points to the BB country ceiling record (A12) as a possible cap but hedges and doesn't state that it caps foreign-currency and not local-currency ratings.

🟡 R2 rdf run 4 graded by llm

The foreign-currency rating (A14, BB) equals Valdoria's country ceiling (A12, BB), while the local-currency rating (A13, BBB-) sits above it. The data does not state the reason explicitly, but the ceiling matches the FC rating.

Why: Identifies the BB country ceiling as matching the FC rating, but doesn't state that the ceiling caps foreign-currency (not local-currency) ratings, and hedges that the cause isn't stated.

🟡 R2 rdf run 5 graded by llm

The data does not state a reason. Valdoria's FC rating (BB, A14) equals its country ceiling (BB, A12), while its LC rating (BBB-, A13) is above it. That pattern fits a ceiling cap on FC ratings, but the data doesn't say so.

Why: Identifies the pattern of FC rating equal to the BB country ceiling with LC above it, but hedges that the data doesn't state the cause instead of asserting the ceiling caps FC and not LC ratings.

✅ R6 rdf+ontology run 1 graded by llm

Valdoria's foreign-currency rating is capped by its Country Ceiling of BB (A12). E05's FC rating of BB (A14) sits at that cap, while its LC rating of BBB- (A13) is not capped. The data does not state the reason explicitly, so this is inferred from the ontology's definition of the Country Ceiling.

✅ R6 rdf+ontology run 2 graded by llm

Valdoria's Country Ceiling (BB, A12) caps foreign-currency ratings, so E05's FC rating (BB, A14) sits at the cap. Its local-currency rating (BBB-, A13) is not capped, so it is higher.

✅ R6 rdf+ontology run 3 graded by llm

The FC rating is capped by the Valdoria Country Ceiling (A12, BB, 2025-04-01). The FC rating (A14, BB) sits at that cap, while the LC rating (A13, BBB-) is not capped.

✅ R6 rdf+ontology run 4 graded by llm

Valdoria's FC rating (BB, A14) sits at the Valdoria Country Ceiling of BB (A12), which caps foreign-currency ratings. Its LC rating (BBB-, A13) is not capped because local-currency debt is exempt from the ceiling.

✅ R6 rdf+ontology run 5 graded by llm

Valdoria's foreign-currency rating is capped by its Country Ceiling, BB (A12, 2025-04-01), while its local-currency rating (A13, BBB-) is not capped. Local-currency ratings are not subject to the ceiling, and the FC/LC difference is the ceiling effect.

✅ R5 csv+ontology run 1 graded by llm

The foreign-currency rating is capped by Valdoria's Country Ceiling of BB (A12), while local-currency debt is not capped, so the LC rating of BBB- (A13) sits above the cap. The FC rating of BB (A14) is set at the ceiling.

✅ R5 csv+ontology run 2 graded by llm

Not in the JSON spec, so no field. The data does not state the reason. The likely cause is the Valdoria Country Ceiling (A12, BB): E05's FC rating is BB (A14), at the ceiling, while its LC rating BBB- (A13) is not capped, per the ontology.

✅ R5 csv+ontology run 3 graded by llm

The Country Ceiling for Valdoria is BB (A12), which caps foreign-currency ratings, and E05's FC rating is BB (A14) at that cap. Its local-currency rating, BBB- (A13), is not capped because local-currency debt is exempt from the ceiling.

✅ R5 csv+ontology run 4 graded by llm

The foreign-currency rating (BB, A14) is capped by Valdoria's Country Ceiling (BB, A12), while the local-currency rating (BBB-, A13) is not. The ceiling applies only to foreign-currency ratings, so it explains the gap. (Not in the JSON list.)

✅ R5 csv+ontology run 5 graded by llm

The FC rating is capped by Valdoria's Country Ceiling, while the LC rating is not.
E05's FC rating is BB (A14), equal to the VD ceiling of BB (A12); its LC rating of BBB- (A13) is not subject to the ceiling per lad:type-CC.

✅ R4 csv+markdown run 1 graded by llm

Valdoria's foreign-currency rating is capped by its Country Ceiling. The ceiling (A12, BB) limits the FC rating (A14, BB), while the LC rating (A13, BBB-) is not capped.

✅ R4 csv+markdown run 2 graded by llm

The Country Ceiling for Valdoria is BB (A12). Valdoria Telecom's FC rating (BB, A14) is capped at that ceiling, while its LC rating (BBB-, A13) is not, since LC ratings are not capped.

✅ R4 csv+markdown run 3 graded by llm

The Country Ceiling for Valdoria (VD) is BB (A12) and caps FC ratings. Its FC rating is BB (A14), while its LC rating of BBB- (A13) is not capped.

✅ R4 csv+markdown run 4 graded by llm

Valdoria's FC rating (BB, E05, A14) is held down to the Country Ceiling of BB (VD, A12). The LC rating (BBB-, A13) is not capped because the ceiling reflects transfer and convertibility risk, which applies only to foreign-currency obligations. (Q6 is not in the JSON list.)

✅ R4 csv+markdown run 5 graded by llm

Valdoria Telecom's FC rating is BB (A14) and its LC rating is BBB- (A13). The FC rating equals the Valdoria Country Ceiling of BB (A12), which caps foreign-currency ratings, while local-currency ratings are not capped. The data shows the values but does not state the cause.

🟡 R3 csv+padding run 1 graded by llm

The data does not give a reason. It shows E05's local-currency rating as BBB- (A13) and its foreign-currency rating as BB (A14). The FC rating equals the sovereign's country-ceiling rating of BB (A12), which is consistent with a ceiling cap, but the data does not state that.

Why: Notes FC rating equals the BB country ceiling and is consistent with a cap, but hedges that the data doesn't state it and never says the ceiling caps FC and not LC ratings.

🟡 R3 csv+padding run 2 graded by llm

The data doesn't give a reason. The FC rating of BB (A14) equals Valdoria's country ceiling of BB (A12), which may explain the cap, but no record says so. (Q6 has no JSON field.)

Why: Links FC rating BB to the BB country ceiling as a possible cause, but hedges and doesn't state that the ceiling caps foreign-currency but not local-currency ratings.

🟡 R3 csv+padding run 3 graded by llm

The data does not state a reason; the comment fields are blank. Valdoria's FC issuer rating (A14: BB) equals its country ceiling (A12: BB), which is consistent with the ceiling capping the FC rating, but the data does not say so.

Why: Links the BB FC rating to the BB country ceiling as consistent with capping, but hedges that the data doesn't state it and never says the ceiling applies to FC and not LC.

🟡 R3 csv+padding run 4 graded by llm

The data gives no reason. E05's foreign-currency rating (BB, A14) equals Valdoria's country ceiling (BB, A12), which is consistent with the ceiling capping it, but that is an inference.

Why: Identifies the BB country ceiling as consistent with the FC rating but hedges it as an inference, and does not state that the ceiling caps foreign-currency but not local-currency ratings.

🟡 R3 csv+padding run 5 graded by llm

The data does not state a reason. E05's FC rating (BB, A14) is one notch below its LC rating (BBB-, A13) and equals the Valdoria country ceiling (BB, VD/A12), which is consistent with a ceiling cap but not confirmed by the data.

Why: Identifies the Valdoria (BB) country ceiling as matching the FC rating and consistent with a cap, but hedges that the cause is unconfirmed and does not state that the ceiling caps FC and not LC ratings.