Q6, run 2026-11-04-2028-haiku

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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 state a reason. E05's foreign-currency rating (BB, A14) equals the Republic of Valdoria's country ceiling (BB, A12), which is consistent with the ceiling capping FC ratings, while its local-currency rating is BBB- (A13).

✅ R1 csv run 2 graded by llm

The foreign-currency rating is capped by Valdoria's country ceiling of BB (A12, rating type CC), while the local-currency rating BBB- (A13) is not subject to that cap. The data doesn't state the mechanism explicitly, so this rests on the meaning of CC.

✅ R1 csv run 3 graded by llm

The data doesn't state a reason. E05's foreign-currency rating (BB, A14) equals Valdoria's country ceiling (BB, A12), which is consistent with the sovereign ceiling capping the FC rating below the LC rating (BBB-, A13).

🟡 R1 csv run 4 graded by llm

The data does not state a reason. The FC rating of BB (A14) equals the sovereign VD's CC rating of BB (A12), which is consistent with a country-ceiling cap, but the data does not say so.

Why: Links FC rating to the BB country ceiling as consistent cause but hedges and disclaims it, and never states that the ceiling caps foreign-currency but not local-currency ratings.

✅ R1 csv run 5 graded by llm

The data doesn't state a reason. Valdoria's foreign-currency rating (BB, A14) equals its sovereign country-ceiling rating (BB, A12), which sits below the local-currency BBB- (A13), so the likely cause is that ceiling.

✅ R5 csv+ontology run 1 graded by llm

Valdoria's FC rating (BB, A14) is capped by the Valdoria Country Ceiling of BB (A12), while its LC rating (BBB-, A13) is not capped. The ontology says FC ratings are subject to the ceiling and LC ratings are not.

✅ R5 csv+ontology run 2 graded by llm

Valdoria Telecom's FC rating (BB, A14) is capped by the Valdoria Country Ceiling of BB (A12), while its LC rating (BBB-, A13) is not capped. Per the ontology, FC ratings are subject to the ceiling for transfer and convertibility risk, and LC ratings are not.

✅ R5 csv+ontology run 3 graded by llm

The Valdoria Country Ceiling caps foreign-currency ratings, and the ceiling is BB (A12). E05's FC rating (A14) is BB, at that cap, while its local-currency rating (A13, BBB-) is not capped under the ontology's definition of lad:basis-LC.

✅ R5 csv+ontology run 4 graded by llm

The data points to the Valdoria Country Ceiling. The VD ceiling is BB (A12), which caps FC ratings, and E05's FC rating is BB (A14), while its LC rating is BBB- (A13) and LC is not capped. The data records no analyst reason, so this is inferred from the ceiling.

✅ R5 csv+ontology run 5 graded by llm

The foreign-currency rating is capped by Valdoria's Country Ceiling, BB (A12), while the local-currency rating is not (A13 BBB- vs A14 BB). This question has no JSON field in the spec, so it is omitted from the JSON block.

✅ R4 csv+markdown run 1 graded by llm

Valdoria's Country Ceiling is BB (A12), which caps foreign-currency ratings. Its FC rating is BB (A14), while its LC rating of BBB- (A13) is not capped. This question has no JSON field in the spec, so it is omitted from the block.

✅ R4 csv+markdown run 2 graded by llm

Valdoria's foreign-currency rating is capped by the Valdoria Country Ceiling of BB (A12), while its local-currency rating is not capped at BBB- (A13, A14).

✅ R4 csv+markdown run 3 graded by llm

Valdoria Telecom (E05) is domiciled in VD, and the Valdoria Country Ceiling of BB (A12) caps its foreign-currency rating, so FC is BB (A14). Its local-currency rating BBB- (A13) is not subject to the ceiling. This question has no JSON entry because it is not in your list.

✅ R4 csv+markdown run 4 graded by llm

Valdoria Telecom's FC rating (BB, A14) is capped by the Republic of Valdoria's Country Ceiling of BB (A12), which reflects transfer and convertibility risk. Its LC rating (BBB-, A13) is not subject to the ceiling.

✅ R4 csv+markdown run 5 graded by llm

Because of the Country Ceiling. Valdoria Telecom (E05) is domiciled in VD, and the VD ceiling (A12, BB) caps its FC rating (A14, BB), while its LC rating (A13, BBB-) is not capped. This question is not in the JSON list, so it is answered here only.

✅ R8 csv+axioms run 1 graded by llm

The data does not state the reason explicitly. The FC issuer rating BB (A14) equals Valdoria's country ceiling BB (A12), and the LC rating BBB- (A13) is not subject to that cap, so the ceiling is the likely cause.

🟡 R8 csv+axioms run 2 graded by llm

The foreign-currency rating is BB (A14) and the local-currency rating is BBB- (A13). The sovereign ceiling for Valdoria is BB (A12), which caps the foreign-currency rating. The data doesn't state the reason explicitly, so this follows from the ceiling constraint.

Why: Names the BB ceiling as capping the foreign-currency rating, but never says local-currency ratings are not capped (the ceiling's scope is left implicit).

✅ R8 csv+axioms run 3 graded by llm

The data does not state a reason. Valdoria's FC rating (BB, A14) equals its country ceiling (BB, A12), and the ontology's ceiling rule caps FC ratings, which is the likely explanation; the local-currency BBB- (A13) is not capped.

✅ R8 csv+axioms run 4 graded by llm

The foreign-currency rating is capped by Valdoria's country ceiling. E05's FC rating is BB (A14), equal to the Republic of Valdoria's CC of BB (A12), while its LC rating is BBB- (A13) and not subject to that cap. The data doesn't state the reason explicitly; this is inferred from the ceiling rule.

✅ R8 csv+axioms run 5 graded by llm

The foreign-currency rating is capped by the sovereign ceiling. The Republic of Valdoria's Country Ceiling is BB (A12), so the FC rating of BB (A14) sits at the cap while the LC rating of BBB- (A13) is not capped. The data does not state this reason explicitly.