Q6, run 2026-11-04-1824-haiku

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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 records the gap (local currency BBB- in A13, foreign currency BB in A14, both 2025-04-01) but gives no reason. The sovereign ceiling of BB (A12) would explain it, but the data does not say so.

Why: Mentions the BB sovereign ceiling as a possible explanation but hedges and doesn't assert it as the cause, and never says the ceiling caps foreign-currency but not local-currency ratings.

🟡 R1 csv run 2 graded by llm

The data does not give a reason. The FC rating (BB, A14) is below the LC rating (BBB-, A13), and BB equals Valdoria's country ceiling (VD, CC, BB, A12), which would be consistent with a ceiling cap but is not stated.

Why: Identifies that FC rating (BB) equals the country ceiling (BB) but hedges that the cause is not stated, and does not say the ceiling caps FC and not LC ratings.

✅ R1 csv run 3 graded by llm

The data doesn't state a reason. Valdoria's FC rating (BB, A14) equals its Country Ceiling (BB, A12), which is consistent with the ceiling capping the FC rating, while the LC rating (BBB-, A13) is not capped.

🟡 R1 csv run 4 graded by llm

The data doesn't state a reason. The FC rating (BB, A14) matches Valdoria's sovereign country-ceiling rating (CC BB, A12), which suggests the sovereign ceiling caps it, but this is inferred.

Why: Identifies the sovereign country ceiling (BB) as the likely cap on the FC rating, but hedges it as inferred and never states that the ceiling applies to foreign-currency and not local-currency ratings.

🟡 R1 csv run 5 graded by llm

The data does not say why. Valdoria's FC rating (BB, A14) is lower than its LC rating (BBB-, A13), and the sovereign CC rating is also BB (A12), which is consistent with a country ceiling, but no record states that.

Why: Notes the BB sovereign/ceiling is consistent with the gap but explicitly declines to name the Country Ceiling as the cause and never says it caps FC but not LC ratings.

✅ R5 csv+ontology run 1 graded by llm

The Valdoria Country Ceiling is BB (A12), which caps E05's foreign-currency rating (BB, A14). Its local-currency rating (BBB-, A13) is not capped.

✅ R5 csv+ontology run 2 graded by llm

The data does not state the cause directly, but the likely reason is Valdoria's Country Ceiling of BB (A12), which caps foreign-currency ratings and does not apply to local-currency ones. E05's FC rating of BB (A14) sits at that ceiling, while its LC rating of BBB- (A13) is uncapped.

✅ R5 csv+ontology run 3 graded by llm

The foreign-currency rating is capped by Valdoria's Country Ceiling of BB (A12), and the FC rating is BB (A14). Local-currency debt is not capped, so the LC rating is BBB- (A13). The data records the ceiling but gives no separate reason for the gap.

✅ R5 csv+ontology run 4 graded by llm

Because the Valdorian Country Ceiling (BB, A12) caps foreign-currency ratings, while local-currency ratings are not capped.
E05's FC rating is BB (A14), which sits at the ceiling, and its LC rating is BBB- (A13), which the ceiling does not cap.

✅ R5 csv+ontology run 5 graded by llm

Valdoria's Country Ceiling (VD, BB, A12) caps foreign-currency ratings but not local-currency ones. E05's FC rating (BB, A14) sits at the ceiling, while its LC rating (BBB-, A13) does not. The data sets the ceiling but doesn't explicitly state this as the cause, so this is an inference.

✅ R8 csv+axioms run 1 graded by llm

The foreign-currency rating (BB, A14) equals the Valdoria sovereign's Country Ceiling of BB (A12), while the local-currency rating is BBB- (A13). The data shows the cap but doesn't state the cause explicitly; the ceiling is the only FC-specific factor in the data.

✅ R8 csv+axioms run 2 graded by llm

The FC rating is pinned at the Republic of Valdoria's country ceiling.
E05's FC rating is BB (A14), equal to the sovereign ceiling BB (A12). Its LC rating of BBB- (A13) is not subject to that ceiling. The data does not state a reason explicitly; this is inferred from the ceiling rule.

✅ R8 csv+axioms run 3 graded by llm

The data doesn't state a reason. The foreign-currency rating (BB, A14) equals the Valdoria sovereign ceiling (BB, A12), which caps FC ratings below the local-currency BBB- (A13). That cap is an inference from the ceiling rule, not a recorded explanation.

✅ R8 csv+axioms run 4 graded by llm

Valdoria's FC rating (BB, A14) equals the Republic of Valdoria's country ceiling (BB, A12), while its LC rating (BBB-, A13) is not subject to that cap. The data records the ceiling but does not state the reason for the cap.

✅ R8 csv+axioms run 5 graded by llm

The data is consistent with a sovereign ceiling: Valdoria Telecom's FC rating (E05, BB, A14) equals the Republic of Valdoria's Country Ceiling (VD, CC BB, A12), and the ceiling rule caps FC ratings, while its LC rating (BBB-, A13) is not capped. The data does not state a reason beyond the ceiling.

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

The foreign-currency rating is capped by the Republic of Valdoria's Country Ceiling, which is BB (A12). Valdoria Telecom's FC rating is BB (A14), while its local-currency rating is BBB- (A13), and local-currency ratings are not capped.

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

The Valdoria Country Ceiling (VD, CC, BB, A12) caps foreign-currency ratings of Valdoria-domiciled entities. E05's FC rating (A14, BB) sits at that cap, while its local-currency rating (A13, BBB-) is not capped.

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

The Country Ceiling caps the foreign-currency rating. E05 is domiciled in VD, and the VD ceiling is BB (A12), so the FC rating (A14, BB) sits at the cap. The LC rating (A13, BBB-) is not capped.

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

The data doesn't state a reason explicitly, but it matches the Country Ceiling: E05 is domiciled in VD, whose ceiling (A12) is BB. That caps E05's FC rating (A14, BB), while its LC rating (A13, BBB-) is not capped.

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

(Narrative, not in JSON)
Valdoria's FC rating is capped by its Country Ceiling of BB (A12). The FC rating of BB (A14) sits at that cap, while the LC rating of BBB- (A13) is not capped.