Q31, run 2026-11-04-1711-sonnet

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Did any company have a foreign-currency issuer rating above its country's ceiling on 1 October 2026?

Tests: Ceilings: the sovereign's own rating can be below its ceiling, and a local-currency rating above it.

Expected: any = no

✅ R1 csv run 1 graded by code

No. Only E05 and E15 have ceilings in the data, and both are at their ceiling, not above it.

JSON: {"any": "no"}

✅ R1 csv run 2 graded by code

No. No FC rating exceeds its country ceiling.

JSON: {"any": "no"}

✅ R1 csv run 3 graded by code

No. No company's foreign-currency rating exceeds its country's ceiling.

JSON: {"any": "no"}

✅ R1 csv run 4 graded by code

No. No company's FC rating exceeds its country's ceiling.

JSON: {"any": "no"}

✅ R1 csv run 5 graded by code

No. No company's FC rating exceeds its country's ceiling.

JSON: {"any": "no"}

✅ R2 rdf run 1 graded by code

No. E05 and E15 are at their ceilings, not above them (A14, A41).

JSON: {"any": "no"}

✅ R2 rdf run 2 graded by code

No. E05 and E15 are at their ceilings, not above them.

JSON: {"any": "no"}

✅ R2 rdf run 3 graded by code

No. No company's FC rating exceeds its country's ceiling; E05's LC rating of BBB- is local currency.

JSON: {"any": "no"}

✅ R2 rdf run 4 graded by code

No. E05 and E15 are at their ceilings, not above them.

JSON: {"any": "no"}

✅ R2 rdf run 5 graded by code

No. No foreign-currency rating exceeds its country ceiling.

JSON: {"any": "no"}

✅ R6 rdf+ontology run 1 graded by code

No. No foreign-currency rating exceeds its ceiling. The higher E15 A+ (A40) is local-currency, so it is not capped.

JSON: {"any": "no"}

✅ R6 rdf+ontology run 2 graded by code

No. No FC rating exceeds its ceiling.

JSON: {"any": "no"}

✅ R6 rdf+ontology run 3 graded by code

No. No foreign-currency rating exceeds its country's ceiling.

JSON: {"any": "no"}

✅ R6 rdf+ontology run 4 graded by code

No. E05 and E15 sit exactly at their ceilings, and no other company's country has a ceiling.

JSON: {"any": "no"}

✅ R6 rdf+ontology run 5 graded by code

No. E05 and E15 are exactly at their ceilings, not above.

JSON: {"any": "no"}

✅ R5 csv+ontology run 1 graded by code

No. The only ceilings are VD (BB) and CV (A), and E05 and E15 are exactly at them.

JSON: {"any": "no"}

✅ R5 csv+ontology run 2 graded by code

No. E05 and E15 are exactly at their ceilings, and no GB, DE or US entity has a ceiling in the data.

JSON: {"any": "no"}

✅ R5 csv+ontology run 3 graded by code

No. E05 and E15 are exactly at their ceilings, not above.

JSON: {"any": "no"}

✅ R5 csv+ontology run 4 graded by code

No. E05 and E15 sit exactly at their ceilings, and no other country in the data has a ceiling.

JSON: {"any": "no"}

✅ R5 csv+ontology run 5 graded by code

No. Neither foreign-currency rating exceeds its ceiling, and only VD and CV have ceilings.

JSON: {"any": "no"}

✅ R4 csv+markdown run 1 graded by code

No. No company's FC rating exceeds its country's ceiling.

JSON: {"any": "no"}

✅ R4 csv+markdown run 2 graded by code

No. E05 and E15 are at their ceilings, not above them.

JSON: {"any": "no"}

✅ R4 csv+markdown run 3 graded by code

No. No company's foreign-currency rating is above its country's ceiling.

JSON: {"any": "no"}

✅ R4 csv+markdown run 4 graded by code

No. No company's FC rating is above its country's ceiling.

JSON: {"any": "no"}

✅ R4 csv+markdown run 5 graded by code

No. E05's FC rating is BB and the VD ceiling is BB. E15's FC rating is A and the CV ceiling is A.

JSON: {"any": "no"}

✅ R3 csv+padding run 1 graded by code

No. Only VD and CV have ceilings, and E05 and E15 sit exactly at theirs.

JSON: {"any": "no"}

✅ R3 csv+padding run 2 graded by code

No. E05 (BB) and E15 (A) are both at their ceilings, not above them.

JSON: {"any": "no"}

✅ R3 csv+padding run 3 graded by code

No. No company's foreign-currency rating exceeds its country ceiling.

JSON: {"any": "no"}

✅ R3 csv+padding run 4 graded by code

No. E05 and E15 are at their ceilings, not above them, and no other country has a ceiling in the data.

JSON: {"any": "no"}

✅ R3 csv+padding run 5 graded by code

No. No company's FC rating exceeds its ceiling.

JSON: {"any": "no"}