Q6, run 2026-11-04-1711-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 say. A13 (LC BBB-) and A14 (FC BB) have no comment, and A12 only shows a Valdoria country ceiling of BB.

Why: Mentions the Valdoria country ceiling of BB but doesn't name it as the cause or say it caps only foreign-currency ratings; says the data doesn't explain it.

🟡 R1 csv run 2 graded by llm

The data gives no explanation. It only shows that the FC rating of BB (A14) equals Valdoria's country ceiling of BB (A12), while the LC rating is BBB- (A13).

Why: Notes FC rating BB equals the country ceiling BB, but says no explanation is given and never states the ceiling caps FC and not LC ratings as the cause.

🟡 R1 csv run 3 graded by llm

The data doesn't state a reason, but it points to the country ceiling. Valdoria's Country Ceiling is BB (A12), and E05's foreign-currency rating is BB (A14) against BBB- local currency (A13).

Why: Names the BB Country Ceiling as the pointer, but never states that the ceiling caps foreign-currency ratings and not local-currency ones; it hedges that no reason is given.

🟡 R1 csv run 4 graded by llm

The data points to the Country Ceiling. Valdoria's CC is BB (A12), and E05's FC rating is BB (A14) against BBB- in local currency (A13). The data doesn't state the rationale explicitly.

Why: Names the Country Ceiling (BB) as the cause, but never says it caps foreign-currency ratings and not local-currency ones; it even says the rationale isn't stated.

✅ R1 csv run 5 graded by llm

The data doesn't state a reason, but the sovereign Country Ceiling for Valdoria (A12, BB) appears to cap the foreign-currency rating. E05's FC rating is BB (A14) against an LC rating of BBB- (A13).

🟡 R2 rdf run 1 graded by llm

The data states no reason. It does show E05 with foreign-currency BB (A14) and local-currency BBB- (A13). The Valdoria country ceiling is BB (A12), which is consistent with a ceiling effect, but that is my inference.

Why: Identifies the BB country ceiling as consistent with the gap but hedges it as inference, and doesn't state that the ceiling caps foreign-currency but not local-currency ratings.

🟡 R2 rdf run 2 graded by llm

The data doesn't state a reason. It is consistent with the sovereign ceiling: VD has a country-ceiling record at BB (A12), and E05's FC rating is BB (A14) against BBB- in LC (A13).

Why: Identifies the BB country ceiling as consistent with the FC rating, but hedges that the data states no reason and never says the ceiling caps FC but not LC ratings.

🟡 R2 rdf run 3 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 FC LTIDR is BB (A14), while its LC LTIDR is BBB- (A13).

Why: Identifies the BB Country Ceiling as consistent with the FC rating, but hedges that no reason is stated and does not say the ceiling caps only foreign-currency ratings, not local-currency ones.

🟡 R2 rdf run 4 graded by llm

The data states no reason. It is consistent with the country ceiling: E05's foreign-currency rating is BB (A14) and Valdoria's ceiling (A12) is BB, while its local-currency rating is BBB- (A13).

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

🟡 R2 rdf run 5 graded by llm

The data states no reason. E05's foreign-currency rating is BB (A14) against BBB- in local currency (A13). BB equals the Republic of Valdoria's country ceiling (A12), which is consistent with a ceiling effect, but that is an inference.

Why: Links the BB rating to the Valdoria 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

Its foreign-currency rating is capped by the Country Ceiling for VD. E05 is domiciled in VD, whose ceiling is BB (A12). The foreign-currency rating is BB (A14) and the local-currency rating is BBB- (A13), which is not capped.

✅ R6 rdf+ontology run 2 graded by llm

The Country Ceiling for VD is BB (A12), and it caps FC ratings. E05's FC rating is BB (A14), while its LC rating of BBB- (A13) is not capped.

✅ R6 rdf+ontology run 3 graded by llm

Not a JSON question. E05's foreign-currency rating is BB (A14) against BBB- in local currency (A13). This fits the VD Country Ceiling of BB (A12), which caps foreign-currency but not local-currency ratings.

✅ R6 rdf+ontology run 4 graded by llm

E05's foreign-currency rating is BB (A14) and its local-currency rating is BBB- (A13). The BB matches Valdoria's Country Ceiling (A12), which caps foreign-currency ratings but not local-currency ones.

✅ R6 rdf+ontology run 5 graded by llm

The data doesn't give a reason, but it is consistent with the Country Ceiling. E05's FC rating is BB (A14), its LC rating is BBB- (A13), and Valdoria's ceiling is BB (A12). The ceiling caps FC ratings only.

✅ R5 csv+ontology run 1 graded by llm

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

✅ R5 csv+ontology run 2 graded by llm

The VD Country Ceiling is BB (A12), which caps E05's FC rating (A14, BB). The LC rating (A13, BBB-) is not capped.

✅ R5 csv+ontology run 3 graded by llm

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

✅ R5 csv+ontology run 4 graded by llm

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

✅ R5 csv+ontology run 5 graded by llm

Valdoria's Country Ceiling (A12) is BB, and it caps foreign-currency ratings (A14: BB). Local-currency ratings are not capped (A13: BBB-).

✅ R4 csv+markdown run 1 graded by llm

The foreign-currency rating is capped by Valdoria's Country Ceiling, which is BB (A12). The local-currency rating of BBB- (A13) is not capped, and the FC rating of BB (A14) equals the ceiling.

✅ R4 csv+markdown run 2 graded by llm

Not in the JSON. The Country Ceiling for VD is BB (A12), which caps the FC rating (A14, BB). The LC rating (A13, BBB-) 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), which caps foreign-currency ratings. The local-currency rating, BBB- (A13), is not capped, while the FC rating is held at BB (A14).

✅ R4 csv+markdown run 5 graded by llm

The Valdoria Country Ceiling is BB (A12), which caps foreign-currency ratings (A14: BB). The local-currency rating (A13: BBB-) is not capped.

✅ R3 csv+padding run 1 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). This is an inference from the records, since the data doesn't state the cause.

🟡 R3 csv+padding run 2 graded by llm

The data does not state a reason. It does show that the Valdoria Country Ceiling is BB (A12) and E05's foreign-currency rating is BB, against BBB- in local currency (A13, A14). That is consistent with the foreign-currency rating being capped at the ceiling.

Why: Identifies the BB Country Ceiling and says FC rating is consistent with being capped, but hedges that no reason is stated and does not say the ceiling applies to foreign-currency and not local-currency ratings.

🟡 R3 csv+padding run 3 graded by llm

The data does not state a reason. It shows E05's foreign-currency rating at BB (A14) and its local-currency rating at BBB- (A13). The Republic of Valdoria's country ceiling is BB (A12), which is consistent with the foreign-currency rating being capped there.

Why: Links the BB country ceiling to the FC rating as consistent, but hedges that no reason is stated and doesn't say the ceiling caps foreign-currency but not local-currency ratings.

✅ R3 csv+padding run 4 graded by llm

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

✅ R3 csv+padding run 5 graded by llm

The data gives no stated reason. E05's FC rating of BB (A14) equals the Valdoria country ceiling of BB (A12), while its LC rating is BBB- (A13). That is consistent with the ceiling capping FC ratings.