Q45, run 2026-11-05-1227-sonnet
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
csv run 1
No. The ceiling applies to foreign-currency ratings, and this is a local-currency note.
JSON: {"above_ceiling": "no"}
csv run 2
No. I07 is rated BBB- (A45) and is a local-currency obligation, so the BB ceiling on foreign currency should not apply.
JSON: {"above_ceiling": "no"}
csv run 3
Depends. I07 is BBB- (A45) against a ceiling of BB (A12), but a ceiling limits only foreign-currency obligations, so the answer depends on Q44.
JSON: {"above_ceiling": "depends"}
Why: above_ceiling: expected no, got depends
csv run 4
No. The ceiling constrains foreign-currency ratings, and I07 is a local-currency note rated BBB- (A45), in line with the LC issuer rating (A13).
JSON: {"above_ceiling": "no"}
csv run 5
No. The ceiling applies to foreign-currency ratings, and I07 appears to be local-currency.
JSON: {"above_ceiling": "no"}
rdf run 1
No. A local-currency note is not bound by the FC ceiling of BB (A12), and I07 is rated BBB- (A45).
JSON: {"above_ceiling": "no"}
rdf run 2
No. A country ceiling applies to FC obligations, and I07's BBB- (A45) matches E05's LC rating, which is below the ceiling anyway.
JSON: {"above_ceiling": "no"}
rdf run 3
No. The ceiling (BB) limits foreign-currency ratings, and I07 is a local-currency obligation.
JSON: {"above_ceiling": "no"}
rdf run 4
No. I07's BBB- is above VD's BB ceiling (A12), but the ceiling constrains foreign-currency ratings, not a local-currency note.
JSON: {"above_ceiling": "no"}
rdf run 5
No. The ceiling applies to foreign-currency ratings, and the note is a local-currency obligation rated BBB- (A45), so it is not capped.
JSON: {"above_ceiling": "no"}
rdf+ontology run 1
No. I07 is rated BBB- (A45), but as local-currency debt it is not capped by the BB ceiling.
JSON: {"above_ceiling": "no"}
rdf+ontology run 2
No. I07 is rated BBB- (A45), but local-currency debt is not capped by the ceiling.
JSON: {"above_ceiling": "no"}
rdf+ontology run 3
No. The note is local-currency debt, so the ceiling doesn't cap it.
JSON: {"above_ceiling": "no"}
rdf+ontology run 4
No. I07 is rated BBB- (A45), but the ceiling does not cap local-currency debt, so there is nothing to exceed.
JSON: {"above_ceiling": "no"}
rdf+ontology run 5
No. I07 is local-currency debt, which the ceiling does not cap, and its BBB- rating (A45) is above the BB ceiling anyway.
JSON: {"above_ceiling": "no"}
csv+ontology run 1
No. Local-currency debt is not capped by the ceiling, and I07 is rated BBB- (A45).
JSON: {"above_ceiling": "no"}
csv+ontology run 2
No. Local-currency debt is not capped by the ceiling.
JSON: {"above_ceiling": "no"}
csv+ontology run 3
No. It is local-currency debt, which the ceiling does not cap, and it is rated BBB- (A45).
JSON: {"above_ceiling": "no"}
csv+ontology run 4
No. I07 is local-currency debt, so the ceiling does not cap it, and its BBB- (A45) is fine.
JSON: {"above_ceiling": "no"}
csv+ontology run 5
No. Local-currency debt is not capped by the ceiling, and its BBB- is in any case not an FC rating.
JSON: {"above_ceiling": "no"}
csv+markdown run 1
No. It is local-currency debt, so the ceiling doesn't apply.
JSON: {"above_ceiling": "no"}
csv+markdown run 2
No. The ceiling does not apply to local-currency debt.
JSON: {"above_ceiling": "no"}
csv+markdown run 3
No. I07 is BBB- (A45), but local-currency debt is not capped by the ceiling.
JSON: {"above_ceiling": "no"}
csv+markdown run 4
No. I07 is local-currency debt, so the ceiling does not cap it.
JSON: {"above_ceiling": "no"}
csv+markdown run 5
No. It is local-currency debt, so the ceiling does not cap it.
JSON: {"above_ceiling": "no"}
csv+padding run 1
No. The country ceiling constrains FC ratings, and I07 is a local-currency note rated BBB- (A45), consistent with E05's LC rating (A13).
JSON: {"above_ceiling": "no"}
csv+padding run 2
No. The ceiling of BB (A12) constrains foreign-currency ratings, and I07 is a local-currency obligation.
JSON: {"above_ceiling": "no"}
csv+padding run 3
No. I07 is rated BBB- (A45), and the BB ceiling applies to foreign-currency ratings, not local-currency ones.
JSON: {"above_ceiling": "no"}
csv+padding run 4
No. The ceiling (BB, A12) constrains foreign-currency ratings, and I07 is local-currency, rated BBB- (A45).
JSON: {"above_ceiling": "no"}
csv+padding run 5
No. The BB ceiling constrains foreign-currency ratings, and I07 is a local-currency instrument.
JSON: {"above_ceiling": "no"}
executed run 1
No. The ceiling applies to foreign-currency ratings, and I07 is a local-currency note. Its BBB- also matches the local-currency issuer rating (A13).
JSON: {"above_ceiling": "no"}
executed run 2
No. I07 is rated BBB- (A45), which is above the BB ceiling. But the ceiling constrains foreign-currency ratings, and I07 is a local-currency obligation.
JSON: {"above_ceiling": "no"}
executed run 3
No. I07 is BBB- (A45), but it is a local-currency obligation, and the data's ceiling is not shown to cap local-currency instruments.
JSON: {"above_ceiling": "no"}
executed run 4
No. I07 is rated BBB- (A45), above VD's BB ceiling, but it is a local-currency note and the ceiling applies to FC ratings.
JSON: {"above_ceiling": "no"}
executed run 5
No. The ceiling applies to foreign-currency ratings, and I07 is a local-currency note. Its rating of BBB- (A45) matches E05's LC rating (A13).
JSON: {"above_ceiling": "no"}
csv+neutral run 1
No. I07 is local-currency debt, which the ceiling does not cap, and its BBB- rating (A45) is above BB only in a way the ceiling does not constrain.
JSON: {"above_ceiling": "no"}
csv+neutral run 2
No. Its rating is BBB- (A45), and local-currency debt is not capped by the ceiling.
JSON: {"above_ceiling": "no"}
csv+neutral run 3
No. I07 is local-currency debt, which the ceiling does not cap.
JSON: {"above_ceiling": "no"}
csv+neutral run 4
No. It is local-currency debt, so the ceiling does not cap it, and it is rated BBB- (A45).
JSON: {"above_ceiling": "no"}
csv+neutral run 5
No. Local-currency debt is not capped by the Country Ceiling.
JSON: {"above_ceiling": "no"}
csv+axioms run 1
No. The ceiling (BB) caps foreign-currency issuer ratings, and I07 is a local-currency instrument, so BBB- is not a breach.
JSON: {"above_ceiling": "no"}
csv+axioms run 2
No. The ceiling caps foreign-currency issuer ratings, and I07 is a local-currency instrument rated BBB-. I07's BBB- exceeds the BB ceiling numerically, but the ceiling does not apply to it.
JSON: {"above_ceiling": "no"}
csv+axioms run 3
No. The BB ceiling (A12) limits foreign-currency ratings, and I07 is a local-currency note.
JSON: {"above_ceiling": "no"}
csv+axioms run 4
No. The ceiling constrains foreign-currency issuer ratings, and I07 is a local-currency note. Separately, its rating (BBB-) is above the BB ceiling, but that comparison isn't a rule violation here.
JSON: {"above_ceiling": "no"}
csv+axioms run 5
No. The ceiling is checked only against foreign-currency issuer ratings, and I07 is a local-currency instrument.
JSON: {"above_ceiling": "no"}
csv+axioms+markdown run 1
No. I07 is local-currency debt, so the ceiling does not cap it, and it is rated BBB- (A45).
JSON: {"above_ceiling": "no"}
csv+axioms+markdown run 2
No. I07 is local-currency debt, so the ceiling does not cap it, and it is rated BBB- (A45).
JSON: {"above_ceiling": "no"}
csv+axioms+markdown run 3
No. It is a local-currency obligation, so the ceiling does not apply.
JSON: {"above_ceiling": "no"}
csv+axioms+markdown run 4
No. The ceiling caps only foreign-currency ratings, and I07 is local-currency.
JSON: {"above_ceiling": "no"}
csv+axioms+markdown run 5
No. I07 is local-currency debt, which the ceiling does not cap.
JSON: {"above_ceiling": "no"}