Q6, run 2026-11-04-2013-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 doesn't state a reason. It shows a Valdoria Country Ceiling of BB (A12), a foreign-currency rating of BB (A14) and a local-currency rating of BBB- (A13), which is consistent with the ceiling capping the foreign-currency rating.

✅ R1 csv run 2 graded by llm

Valdoria's Country Ceiling is BB (A12). That caps the foreign-currency rating at BB (A14), while the local-currency rating is BBB- (A13). The ceiling is the likely cause, though the data does not state a reason outright.

✅ R1 csv run 3 graded by llm

The foreign-currency rating is capped by the sovereign Country Ceiling of BB (A12). The local-currency rating of BBB- (A13) is not constrained by it, so FC is BB (A14).

🟡 R1 csv run 4 graded by llm

The data points to the country ceiling. Valdoria's Country Ceiling is BB (A12), and Valdoria Telecom's foreign-currency rating is BB (A14) against BBB- in local currency (A13). The data gives no explicit comment on the reason.

Why: Names the BB Country Ceiling as the cause, but never states that it caps foreign-currency ratings and not local-currency ones; it also hedges that no explicit reason is given.

🟡 R1 csv run 5 graded by llm

The foreign-currency rating is capped by the Country Ceiling. Valdoria's ceiling is BB (A12), so E05's foreign-currency rating is BB (A14) against BBB- local currency (A13).

Why: Names the BB Country Ceiling as the cause, but doesn't state that the ceiling caps only foreign-currency ratings and not local-currency ones (only implied by the contrast).

✅ R5 csv+ontology run 1 graded by llm

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

✅ R5 csv+ontology run 2 graded by llm

The foreign-currency rating is capped by the Valdoria Country Ceiling of BB (A12). The local-currency rating is not capped (A13 BBB- vs A14 BB).

✅ R5 csv+ontology run 3 graded by llm

The foreign-currency rating is capped by Valdoria's Country Ceiling. VD's ceiling is BB (A12), so E05's foreign-currency rating is BB (A14) while its local-currency rating is BBB- (A13), which the ceiling does not cap.

✅ R5 csv+ontology run 4 graded by llm

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

✅ R5 csv+ontology run 5 graded by llm

Valdoria's Country Ceiling (A12) is BB. The FC rating (A14, BB) is capped at that ceiling, while the LC rating (A13, BBB-) is not.

✅ R4 csv+markdown run 1 graded by llm

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

✅ R4 csv+markdown run 2 graded by llm

No JSON field for this one. The Country Ceiling for VD is BB (A12) and caps E05's FC rating at BB (A14). The LC rating of BBB- (A13) is not capped.

✅ R4 csv+markdown run 3 graded by llm

The data doesn't state a reason. It does show VD's Country Ceiling at BB (A12), which caps E05's FC rating at BB (A14), while the uncapped LC rating is BBB- (A13).

✅ R4 csv+markdown run 4 graded by llm

The foreign-currency rating is capped by Valdoria's Country Ceiling of BB (A12). The local-currency rating is not capped, so E05's LC rating is BBB- (A13) and its FC rating is BB (A14).

✅ R4 csv+markdown run 5 graded by llm

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

✅ R8 csv+axioms run 1 graded by llm

The foreign-currency rating is capped by the Valdoria Country Ceiling of BB (A12). A14 (FC, BB) sits at that ceiling, while A13 (LC, BBB-) is above it.

🟡 R8 csv+axioms run 2 graded by llm

The data supports an answer from the country ceiling. Valdoria's Country Ceiling is BB (A12), so E05's foreign-currency rating is BB (A14), while its local-currency rating is BBB- (A13).

Why: Names the BB Country Ceiling as the cause, but never says the ceiling caps foreign-currency ratings and not local-currency ones; it only implies this via the two ratings.

🟡 R8 csv+axioms run 3 graded by llm

The data doesn't state a reason. A12 puts Valdoria's Country Ceiling at BB, and A14 gives the foreign-currency rating (BB) the same level, while A13 gives the local-currency rating BBB-. That is consistent with a ceiling cap, but no comment says so.

Why: Identifies the BB Country Ceiling and notes the FC rating equals it while LC is higher (BBB-), but hedges that no reason is stated and never asserts the ceiling caps foreign-currency but not local-currency ratings.

🟡 R8 csv+axioms run 4 graded by llm

The Country Ceiling for Valdoria is BB (A12), and it caps foreign-currency ratings, so the FC rating is BB (A14) while the LC rating is BBB- (A13).

Why: Names the BB Country Ceiling as the cause and says it caps foreign-currency ratings, but never states that local-currency ratings are not capped, which the second checklist point requires.

✅ R8 csv+axioms run 5 graded by llm

Valdoria's Country Ceiling is BB (A12), so the foreign-currency rating is capped at BB (A14). The local-currency rating of BBB- (A13) is not subject to that cap.