Q45, run 2026-11-04-2028-haiku

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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

Depends. BBB- is above the BB ceiling (A12, A45), but the ceiling caps only foreign-currency obligations. If XVD is local currency, the ceiling does not apply.

JSON: {"above_ceiling": "depends"}

Why: above_ceiling: expected no, got depends

✅ R1 csv run 2 graded by code

No. BBB- is above the BB ceiling, but ceilings cap FC ratings. Since I07 is treated as local currency (Q44), it is not capped.

JSON: {"above_ceiling": "no"}

❌ R1 csv run 3 graded by code

Depends. The note's BBB- (A45) is numerically above the BB country ceiling (A12), but ceilings constrain foreign-currency obligations, and I07 looks like a local-currency note.

JSON: {"above_ceiling": "depends"}

Why: above_ceiling: expected no, got depends

❌ R1 csv run 4 graded by code

Yes. I07 is rated BBB- (A45), which is above the BB ceiling (A12). However, ceilings apply to FC ratings, and I07 is a local-currency note, so the ceiling does not bind.

JSON: {"above_ceiling": "yes"}

Why: above_ceiling: expected no, got yes

❌ R1 csv run 5 graded by code

Yes. The note is rated BBB- (A45), above the BB ceiling (A12). The ceiling only applies to foreign-currency ratings, so this is allowed for a local-currency note.

JSON: {"above_ceiling": "yes"}

Why: above_ceiling: expected no, got yes

✅ R5 csv+ontology run 1 graded by code

No
The Country Ceiling caps only FC ratings and FC debt, and I07 is local-currency, so it is not capped.

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 2 graded by code

No. Local-currency debt is not capped by the Country Ceiling, and I07 is XVD, so the BB ceiling does not apply to it.

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 3 graded by code

No. BBB- is numerically above the BB ceiling (A12), but the ceiling only caps foreign-currency debt, and I07 is local-currency, so the ceiling doesn't apply to it.

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 4 graded by code

No. I07 is BBB-, which is numerically above BB. However, the ceiling does not cap local-currency debt, so the ceiling does not limit it.

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 5 graded by code

No. The 2027 note (I07) is local-currency debt, and the Country Ceiling caps only foreign-currency ratings.

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 1 graded by code

No. The note is local-currency, so the BB Country Ceiling (A12) does not apply to it.

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 2 graded by code

No. Ceilings cap only foreign-currency ratings and debt, and I07 is local-currency, so it is not capped even though BBB- is numerically above BB.

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 3 graded by code

No. The ceiling applies only to FC obligations, and this note is local-currency debt, so it is not capped by the BB ceiling (A12).

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 4 graded by code

No. I07 is local-currency debt, and the Country Ceiling applies only to FC obligations, so it does not cap I07's BBB- rating.

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 5 graded by code

No. The Country Ceiling applies only to FC ratings, and I07 is local-currency debt, so the ceiling does not cap it, even though BBB- is numerically above BB.

JSON: {"above_ceiling": "no"}

✅ R8 csv+axioms run 1 graded by code

No. The ceiling constrains only FC LTIDR issuer ratings (CeilingShape), and I07 is local-currency, so the BB ceiling does not apply even though BBB- is numerically higher.

JSON: {"above_ceiling": "no"}

✅ R8 csv+axioms run 2 graded by code

No. The ceiling constrains only foreign-currency LTIDR ratings, and I07 is a local-currency obligation (see Q44), even though BBB- is above the BB ceiling.

JSON: {"above_ceiling": "no"}

✅ R8 csv+axioms run 3 graded by code

No. I07 is BBB-, which is numerically above the BB ceiling. But the ceiling rule applies only to FC issuer ratings, and I07 is a local-currency obligation, so it is not a breach.

JSON: {"above_ceiling": "no"}

✅ R8 csv+axioms run 4 graded by code

No. The 2027 note is local-currency, and the CeilingShape constraint applies only to FC LTIDRs. Although BBB- is numerically above the BB ceiling, the ceiling does not cap it.

JSON: {"above_ceiling": "no"}

✅ R8 csv+axioms run 5 graded by code

No. The ceiling applies to foreign-currency ratings, and I07 is a local-currency instrument with no FC basis, so the BB ceiling does not cap it even though BBB- is numerically above BB.

JSON: {"above_ceiling": "no"}