Q45, run 2026-11-04-1711-sonnet

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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 BB ceiling applies to foreign-currency ratings, and I07 appears to be local-currency.

JSON: {"above_ceiling": "no"}

✅ R1 csv run 2 graded by code

No. I07 is rated BBB-, matching the LC rating (A13), and the BB ceiling applies to foreign-currency ratings.

JSON: {"above_ceiling": "no"}

✅ R1 csv run 3 graded by code

No. I07 is BBB- (A45) against a ceiling of BB, but the ceiling applies to foreign-currency obligations and this note is local-currency.

JSON: {"above_ceiling": "no"}

✅ R1 csv run 4 graded by code

No. The BB ceiling (A12) applies to foreign-currency obligations, and I07 appears to be local-currency.

JSON: {"above_ceiling": "no"}

✅ R1 csv run 5 graded by code

No. The ceiling (A12, BB) constrains foreign-currency ratings, and I07 appears to be local-currency.

JSON: {"above_ceiling": "no"}

✅ R2 rdf run 1 graded by code

No. The BB ceiling (A12) constrains foreign-currency ratings, and I07 is a local-currency note.

JSON: {"above_ceiling": "no"}

❌ R2 rdf run 2 graded by code

Depends. The ceiling is BB (A12) and I07 is BBB-, but a ceiling applies to FC, not LC. The answer turns on whether XVD is local currency.

JSON: {"above_ceiling": "depends"}

Why: above_ceiling: expected no, got depends

✅ R2 rdf run 3 graded by code

No. The ceiling limits foreign-currency ratings, and I07 appears to be local-currency, so BBB- vs the BB ceiling is not a breach.

JSON: {"above_ceiling": "no"}

✅ R2 rdf run 4 graded by code

No. The BB ceiling applies to foreign-currency ratings, and I07 appears to be local-currency, so BBB- is not capped.

JSON: {"above_ceiling": "no"}

✅ R2 rdf run 5 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R6 rdf+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"}

✅ R6 rdf+ontology run 2 graded by code

No. It is local-currency debt, so the ceiling does not apply. It is rated BBB- (A45) against a ceiling of BB.

JSON: {"above_ceiling": "no"}

✅ R6 rdf+ontology run 3 graded by code

No. The note's BBB- rating is above the BB ceiling, but the ceiling does not cap local-currency debt.

JSON: {"above_ceiling": "no"}

✅ R6 rdf+ontology run 4 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R6 rdf+ontology run 5 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 1 graded by code

No. The ceiling applies to foreign-currency debt, not to local-currency debt like I07 (BBB-, A45).

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 2 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 3 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 4 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 5 graded by code

No. The ceiling caps only foreign-currency debt, and I07 is local-currency.

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 1 graded by code

No. The ceiling caps only foreign-currency ratings, and this note is local-currency.

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 2 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 3 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 4 graded by code

No. The ceiling caps only foreign-currency ratings, and I07 is local-currency debt.

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 5 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R3 csv+padding run 1 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R3 csv+padding run 2 graded by code

No. The ceiling (BB, A12) caps foreign-currency obligations, and I07 is a local-currency obligation.

JSON: {"above_ceiling": "no"}

✅ R3 csv+padding run 3 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R3 csv+padding run 4 graded by code

No. I07 is BBB-, and the BB ceiling (A12) caps foreign-currency ratings, not local-currency obligations.

JSON: {"above_ceiling": "no"}

✅ R3 csv+padding run 5 graded by code

No. The BB ceiling (A12) caps foreign-currency ratings, and I07 is a local-currency instrument rated BBB-.

JSON: {"above_ceiling": "no"}