Q6, run 2026-11-04-1825-sonnet

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 does not say. It shows only the different ratings, LC BBB- (A13) and FC BB (A14), with no comment. The gap is consistent with the Valdoria country ceiling of BB (A12), but that is inference.

Why: Mentions the BB country ceiling as consistent with the gap but hedges it as inference, and does not state that the ceiling caps foreign-currency but not local-currency ratings.

✅ R1 csv run 2 graded by llm

Valdoria's Country Ceiling is BB (A12), which caps the foreign-currency rating at BB (A14). The local-currency rating is BBB- (A13).

🟡 R1 csv run 3 graded by llm

The data doesn't state the cause. The foreign-currency rating is BB (A14), equal to Valdoria's Country Ceiling of BB (A12). The local-currency rating is BBB- (A13), so the ceiling plausibly caps the foreign-currency rating.

Why: Identifies the BB Country Ceiling and that it plausibly caps the foreign-currency rating, but hedges that the cause isn't stated and doesn't clearly say local-currency ratings are not capped.

✅ R1 csv run 4 graded by llm

The data points to the country ceiling. Valdoria's ceiling is BB (A12), the foreign-currency rating is capped at BB (A14), and the local-currency rating is BBB- (A13). The data states no reason beyond this.

🟡 R1 csv run 5 graded by llm

The data shows no comment explaining it. It does show a Valdoria country ceiling of BB (A12) and a foreign-currency rating of BB for E05 (A14) against a local-currency rating of BBB- (A13). The foreign-currency rating appears to be held at the ceiling.

Why: Names the BB country ceiling and says FC rating is held at it, but never states that the ceiling caps foreign-currency and not local-currency ratings, and hedges on causation ('appears').

✅ R5 csv+ontology run 1 graded by llm

Valdoria's Country Ceiling is BB (A12), which caps the FC rating (A14, BB). The LC rating (A13, BBB-) is not capped.

✅ R5 csv+ontology run 2 graded by llm

The data supports this reading: the Country Ceiling for VD is BB (A12), and it caps foreign-currency ratings but not local-currency ones. E05's FC rating is BB (A14) and its LC rating is BBB- (A13).

✅ R5 csv+ontology run 3 graded by llm

The Country Ceiling for VD is BB (A12), and it caps foreign-currency ratings, so the FC LTIDR is BB (A14). The LC LTIDR is BBB- (A13) because local-currency ratings are not capped.

✅ R5 csv+ontology run 4 graded by llm

The Country Ceiling for VD is BB (A12), which caps foreign-currency ratings (A14, BB). The local-currency rating (A13, BBB-) is not capped.

✅ R5 csv+ontology run 5 graded by llm

Valdoria's Country Ceiling is BB (A12), and foreign-currency ratings are capped at it. E05's FC rating is therefore BB (A14), while its LC rating is not capped and stands at BBB- (A13).

🟡 R8 csv+axioms run 1 graded by llm

The foreign-currency rating is capped by the Country Ceiling of BB (A12). The foreign-currency rating is BB (A14) and the local-currency rating is BBB- (A13).

Why: Names the BB Country Ceiling as the cap on foreign-currency rating, but never says it applies only to foreign-currency and not local-currency ratings (it just lists the two ratings).

🟡 R8 csv+axioms run 2 graded by llm

Valdoria Telecom's FC rating of BB (A14) is capped at the Republic of Valdoria's Country Ceiling of BB (A12). Its LC rating is BBB- (A13).

Why: Names the BB Country Ceiling as the cap on the FC rating, but never says the ceiling applies to foreign-currency and not local-currency ratings; the LC rating of BBB- is only stated, not explained.

🟡 R8 csv+axioms run 3 graded by llm

The data does not state a reason. It is consistent with the Country Ceiling: VD's ceiling is BB (A12), E05's FC rating is BB (A14), and the LC rating is BBB- (A13).

Why: Identifies the BB Country Ceiling as consistent with the FC rating, but hedges that the data states no reason and never says the ceiling caps FC and not LC ratings.

✅ R8 csv+axioms run 4 graded by llm

The foreign-currency rating is capped by the Country Ceiling. VD's ceiling is BB (A12), so the FC rating is BB (A14), while the LC rating is BBB- (A13). The data does not state the reason explicitly, so this is inferred from the ceiling.

✅ R8 csv+axioms run 5 graded by llm

The data does not state a reason. It shows only that the FC rating (BB, A14) equals Valdoria's Country Ceiling of BB (A12), while the LC rating is BBB- (A13). That is consistent with the ceiling capping the FC rating.

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

Valdoria's Country Ceiling is BB (A12) and caps foreign-currency ratings. E05's FC rating is therefore BB (A14), while its LC rating of BBB- (A13) is not capped.

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

Valdoria's Country Ceiling is BB (A12), and the foreign-currency rating is capped at it (A14, BB). The local-currency rating (A13, BBB-) is not capped.

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

The FC rating is capped by the Country Ceiling. The ceiling for VD is BB (A12), and E05's FC rating is BB (A14), while its LC rating is BBB- (A13) because LC is not capped.

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

The data doesn't state the reason, but it fits the Country Ceiling. Valdoria's ceiling is BB (A12), so E05's FC rating is BB (A14), while its LC rating of BBB- (A13) is not capped.

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

The Country Ceiling (A12) caps VD at BB. E05's FC rating is BB (A14) while its LC rating is BBB- (A13), because FC ratings are capped by the ceiling and LC ratings are not.