Q45, run 2026-11-04-1825-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. I07 is BBB- (A45), matching E05's local-currency rating (A13). The BB ceiling applies to foreign-currency ratings.

JSON: {"above_ceiling": "no"}

✅ R1 csv run 2 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R1 csv run 3 graded by code

No. I07 is BBB- (A45), above the BB ceiling, but the ceiling applies to foreign-currency obligations and I07 is local-currency.

JSON: {"above_ceiling": "no"}

✅ R1 csv run 4 graded by code

No. The ceiling applies to foreign-currency ratings, and I07 is a local-currency note.

JSON: {"above_ceiling": "no"}

✅ R1 csv run 5 graded by code

No. I07 is rated BBB- (A45), matching the local-currency rating, and the BB ceiling (A12) applies to foreign-currency obligations.

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 1 graded by code

No. The ceiling applies only to foreign-currency debt, and I07 is local-currency, so it is not capped.

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 2 graded by code

No. I07 is BBB- and is local-currency debt, so the ceiling does not apply to it.

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 3 graded by code

No. It is local-currency debt, so the ceiling does not apply. Its BBB- (A45) is above the BB ceiling, but that is not a breach.

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 4 graded by code

No. I07 is local-currency debt, which the ceiling does not cap.

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 5 graded by code

No. The note is local-currency debt, which the ceiling does not cap.

JSON: {"above_ceiling": "no"}

✅ R8 csv+axioms run 1 graded by code

No. The ceiling constrains foreign-currency ratings, and I07 is a local-currency note.

JSON: {"above_ceiling": "no"}

✅ R8 csv+axioms run 2 graded by code

No. The ceiling caps foreign-currency ratings, and I07 is a local-currency obligation.

JSON: {"above_ceiling": "no"}

✅ R8 csv+axioms run 3 graded by code

No. The Country Ceiling constrains foreign-currency ratings, and I07 is a local-currency note. Its BBB- (A45) is also below the BB ceiling's local-currency irrelevance.

JSON: {"above_ceiling": "no"}

✅ R8 csv+axioms run 4 graded by code

No. The ceiling applies to foreign-currency issuer ratings, and I07 is a local-currency note rated BBB- (A45).

JSON: {"above_ceiling": "no"}

✅ R8 csv+axioms run 5 graded by code

No. The ceiling check applies only to foreign-currency issuer ratings. I07 is a local-currency instrument rated BBB- (A45).

JSON: {"above_ceiling": "no"}

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

No. I07 is local-currency debt, so the ceiling does not apply to it.

JSON: {"above_ceiling": "no"}

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

No. I07 is local-currency, so the ceiling does not apply, and it is rated BBB- anyway (A45).

JSON: {"above_ceiling": "no"}

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

No. I07 is BBB- and the ceiling is BB, but the ceiling does not apply to local-currency debt.

JSON: {"above_ceiling": "no"}

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

No. I07 is local-currency debt, so the ceiling doesn't apply to it. It is rated BBB- (A45).

JSON: {"above_ceiling": "no"}

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

No. I07 is local-currency debt, so the ceiling does not cap it, and it is rated BBB- (A45).

JSON: {"above_ceiling": "no"}