Q45, run 2026-11-04-1824-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

✅ R1 csv run 1 graded by code

No. The note is rated BBB- (A45), numerically above the BB ceiling (A12). However, ceilings cap foreign-currency ratings, and this note is local-currency, so it is not above what the ceiling allows.

JSON: {"above_ceiling": "no"}

❌ R1 csv run 2 graded by code

Depends. The note is BBB-, which is above the BB ceiling, but ceilings apply to foreign-currency obligations. If I07 is local currency, it is not capped; BBB- matches E05's LC rating.

JSON: {"above_ceiling": "depends"}

Why: above_ceiling: expected no, got depends

❌ R1 csv run 3 graded by code

Depends. BBB- (I07, A45) is numerically above the BB ceiling (A12). But ceilings constrain foreign-currency ratings, and I07 is a local-currency note, so it's only capped if the ceiling applies to LC instruments too, which the data doesn't say.

JSON: {"above_ceiling": "depends"}

Why: above_ceiling: expected no, got depends

❌ R1 csv run 4 graded by code

Depends. The note is rated BBB- (A45), which is above Valdoria's BB ceiling. The ceiling only constrains foreign-currency obligations, so the answer turns on Q44.

JSON: {"above_ceiling": "depends"}

Why: above_ceiling: expected no, got depends

✅ R1 csv run 5 graded by code

No. A country ceiling caps FC ratings, and I07 is a local-currency instrument, so the numerically higher BBB- (A45) against the BB ceiling (A12) is not a breach.

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 1 graded by code

No. The 2027 note is local-currency debt, and local-currency ratings are not capped by the ceiling, so the BB ceiling does not apply to it.

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 2 graded by code

No. Local-currency debt is not subject to the Country Ceiling, so the BB ceiling does not cap the BBB- rating on I07.

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 3 graded by code

No. Local-currency debt is not capped by the Country Ceiling, even though BBB- is numerically above BB.

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 4 graded by code

No.
I07 is local-currency debt, so the ceiling does not cap it. Its BBB- rating is numerically above the BB ceiling, but that is permitted for local-currency debt.

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 5 graded by code

No. I07 is local-currency debt, so the BB Country Ceiling (A12) does not cap it, even though BBB- is above BB.

JSON: {"above_ceiling": "no"}

✅ R8 csv+axioms run 1 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R8 csv+axioms run 2 graded by code

No
The ceiling constraint applies only to foreign-currency issuer ratings. I07 is local-currency, and its BBB- rating is not subject to that check.

JSON: {"above_ceiling": "no"}

✅ R8 csv+axioms run 3 graded by code

No. The Country Ceiling applies only to foreign-currency ratings, and I07 is a local-currency obligation, so the ceiling doesn't constrain it.

JSON: {"above_ceiling": "no"}

✅ R8 csv+axioms run 4 graded by code

No
Numerically BBB- (A45) is above the BB ceiling, but the ceiling constraint only applies to FC LTIDR ratings, and I07 is an instrument in local currency.

JSON: {"above_ceiling": "no"}

✅ R8 csv+axioms run 5 graded by code

No. The Country Ceiling applies only to foreign-currency LTIDR issuer ratings, and I07 is a local-currency instrument. Numerically, its BBB- (A45) sits above the BB ceiling, but that comparison is not what the ceiling rule constrains.

JSON: {"above_ceiling": "no"}

✅ R9 csv+axioms+markdown run 1 graded by code

No. The note is local-currency, and the Country Ceiling applies only to foreign-currency ratings.

JSON: {"above_ceiling": "no"}

✅ R9 csv+axioms+markdown run 2 graded by code

No. I07 is local-currency debt, and the ceiling applies only to FC ratings. Its BBB- rating is above the BB ceiling numerically, but that is not a cap breach.

JSON: {"above_ceiling": "no"}

✅ R9 csv+axioms+markdown run 3 graded by code

No. Local-currency debt is not subject to the ceiling, so the BB ceiling (A12) does not apply to I07 (XVD).

JSON: {"above_ceiling": "no"}

✅ R9 csv+axioms+markdown run 4 graded by code

No. I07 is local-currency debt (XVD), so the FC Country Ceiling does not apply to it, even though BBB- is numerically above BB.

JSON: {"above_ceiling": "no"}

✅ R9 csv+axioms+markdown run 5 graded by code

No
I07 is rated BBB-, which is numerically above the BB ceiling. However, it is local-currency debt (XVD), and the ceiling caps only FC ratings.

JSON: {"above_ceiling": "no"}