Q45, run 2026-11-04-1712-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 caps foreign-currency ratings, and I07 is a local-currency obligation.

JSON: {"above_ceiling": "no"}

✅ R1 csv run 2 graded by code

No. The BB ceiling applies to foreign-currency ratings, and I07 is local-currency (BBB- in A45).

JSON: {"above_ceiling": "no"}

✅ R1 csv run 3 graded by code

No. The ceiling of BB (A12) applies to FC ratings, and I07 is a local-currency note rated BBB- (A45).

JSON: {"above_ceiling": "no"}

✅ R1 csv run 4 graded by code

No. The BB ceiling constrains foreign-currency ratings, and I07 is a local-currency instrument rated BBB- (A45).

JSON: {"above_ceiling": "no"}

✅ R1 csv run 5 graded by code

No. The BB ceiling caps foreign-currency ratings, and I07 is a local-currency note rated BBB-.

JSON: {"above_ceiling": "no"}

✅ R10 executed run 1 graded by code

No. The ceiling constrains foreign-currency ratings, and I07 is a local-currency obligation. Its BBB- is above the BB ceiling, but the ceiling does not apply to it.

JSON: {"above_ceiling": "no"}

✅ R10 executed run 2 graded by code

No. The note (BBB-, A45) is above the BB ceiling, but it is a local-currency obligation, and the ceiling is read here as applying to foreign-currency ratings. E05's LC rating is also BBB- (A13).

JSON: {"above_ceiling": "no"}

✅ R10 executed run 3 graded by code

No. I07 is rated BBB- (A45), but the ceiling (BB) is a foreign-currency constraint, and I07 is a local-currency obligation.

JSON: {"above_ceiling": "no"}

✅ R10 executed run 4 graded by code

No. The ceiling is a single country figure, which here limits foreign-currency ratings, and I07 is a local-currency note. Its BBB- also exceeds the BB ceiling, so if the ceiling were applied to it the answer would flip.

JSON: {"above_ceiling": "no"}

✅ R10 executed run 5 graded by code

No. I07 is rated BBB- (A45), above the BB ceiling number, but it is a local-currency note and the data gives the ceiling only as a country-level figure. I read it as a foreign-currency cap. E05's own LC rating is also BBB- (A13).

JSON: {"above_ceiling": "no"}