Q45, run 2026-11-04-1723-haiku

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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

✅ R5 csv+ontology run 1 graded by code

No. Local-currency debt is not subject to the Country Ceiling, so the BB ceiling doesn't limit I07's BBB- rating.

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 2 graded by code

No. The ceiling applies only to foreign-currency ratings, and I07 is local-currency debt. Its BBB- (A45) is numerically above the BB ceiling but is not capped by it.

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 3 graded by code

No. Local-currency debt is not capped by the Country Ceiling, so BB does not limit I07. The note is rated BBB- (A45), which is above BB numerically, but the ceiling does not apply to it.

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 4 graded by code

No. I07 is local-currency debt, which the ontology says is not capped by the ceiling, even though its BBB- rating is above the BB ceiling.

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 5 graded by code

No. I07 is local-currency debt, which is not subject to the Country Ceiling (A12).

JSON: {"above_ceiling": "no"}

✅ R7 csv+neutral run 1 graded by code

No. BBB- is numerically above the BB ceiling (A12), but the ceiling applies only to foreign-currency ratings, and I07 is local-currency debt.

JSON: {"above_ceiling": "no"}

✅ R7 csv+neutral run 2 graded by code

No. I07 is local-currency debt, which the ceiling does not cap. Its BBB- (A45) is numerically above the BB ceiling, but the ceiling does not apply.

JSON: {"above_ceiling": "no"}

✅ R7 csv+neutral run 3 graded by code

No. The ceiling applies only to FC debt, and I07 is in XVD (local currency). Its BBB- rating is numerically above the BB ceiling, but the ceiling does not apply to it.

JSON: {"above_ceiling": "no"}

✅ R7 csv+neutral run 4 graded by code

No. I07 is local-currency debt, and the Country Ceiling (BB, A12) does not apply to local-currency debt, so it cannot be "above" the ceiling.

JSON: {"above_ceiling": "no"}

✅ R7 csv+neutral run 5 graded by code

No.
The ceiling applies only to FC ratings and FC debt, and local-currency debt is not capped. I07 is local-currency debt, so it is not subject to the BB ceiling.

JSON: {"above_ceiling": "no"}