Q45, run 2026-11-04-2013-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 rated BBB- (A45), above the BB ceiling, but a ceiling constrains foreign-currency obligations and I07 appears to be local-currency.

JSON: {"above_ceiling": "no"}

✅ R1 csv run 2 graded by code

No. I07 is rated BBB-, above the BB ceiling, but a local-currency obligation is not capped by the foreign-currency ceiling.

JSON: {"above_ceiling": "no"}

✅ R1 csv run 3 graded by code

No. The BB ceiling (A12) caps foreign-currency ratings, and I07 appears to be local-currency. Its BBB- is also not above Valdoria Telecom's own LC rating.

JSON: {"above_ceiling": "no"}

✅ R1 csv run 4 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R1 csv run 5 graded by code

No. The ceiling (BB) limits foreign-currency ratings. I07 is rated BBB- (A45) and appears to be local-currency.

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 1 graded by code

No. Local-currency debt is not capped by the ceiling.

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 2 graded by code

No. Local-currency debt is not capped by the ceiling, and I07 is rated BBB- (A45).

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 3 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 5 graded by code

No. Local-currency debt is not capped by the ceiling.

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 1 graded by code

No. It is local-currency debt, so the ceiling does not cap it.

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 2 graded by code

No. It is local-currency debt, so the ceiling does not cap it.

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 3 graded by code

No. A local-currency obligation is not capped by the ceiling.

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 4 graded by code

No. The ceiling applies only to foreign-currency obligations, and I07 is local-currency.

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 5 graded by code

No. It is local-currency debt, so the ceiling does not cap it.

JSON: {"above_ceiling": "no"}

✅ R8 csv+axioms run 1 graded by code

No. The ceiling (BB, A12) caps foreign-currency ratings, and I07 is a local-currency instrument. Its BBB- (A45) is therefore not tested against it.

JSON: {"above_ceiling": "no"}

✅ R8 csv+axioms run 2 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R8 csv+axioms run 3 graded by code

No. The ceiling (BB, A12) constrains foreign-currency ratings, and I07 is a local-currency instrument rated BBB- (A45), so it isn't tested against that ceiling.

JSON: {"above_ceiling": "no"}

✅ R8 csv+axioms run 4 graded by code

No. The ceiling applies to foreign-currency ratings and I07 is a local-currency note, so the BB ceiling does not constrain its BBB- rating (A45).

JSON: {"above_ceiling": "no"}

✅ R8 csv+axioms run 5 graded by code

No. The ceiling constraint applies to foreign-currency issuer ratings, and I07 is a local-currency note, so BBB- against a BB ceiling is not a breach.

JSON: {"above_ceiling": "no"}