Q45, run 2026-11-05-1233-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

Yes. The I07 rating of BBB- (A45) is above the sovereign ceiling of BB (A12). Ceilings cap foreign-currency ratings, so a local-currency note is not constrained by it.

JSON: {"above_ceiling": "yes"}

Why: above_ceiling: expected no, got yes

✅ R1 csv run 2 graded by code

No. Ceilings limit foreign-currency ratings. I07 is local currency, and its BBB- equals the local-currency rating (A13).

JSON: {"above_ceiling": "no"}

✅ R1 csv run 3 graded by code

No. The ceiling (BB, A12) caps foreign-currency ratings, and I07 is an XVD (local-currency) note rated BBB- (A45), so the ceiling does not apply to it.

JSON: {"above_ceiling": "no"}

❌ R1 csv run 4 graded by code

Depends. I07 (BBB-, A45) is numerically above the BB ceiling (A12). Ceilings usually cap FC ratings, and I07 is an LC obligation, but the data does not say how the ceiling applies.

JSON: {"above_ceiling": "depends"}

Why: above_ceiling: expected no, got depends

✅ R1 csv run 5 graded by code

No. BBB- (A45) is numerically above the BB ceiling (A12), but the ceiling caps foreign-currency ratings and I07 is local-currency.

JSON: {"above_ceiling": "no"}

❌ R2 rdf run 1 graded by code

Depends. Valdoria's ceiling is BB (A12) and the 2027 note is BBB- (A45), which is above it. The ceiling only applies to foreign-currency obligations, though, and the note is in XVD (see Q44).

JSON: {"above_ceiling": "depends"}

Why: above_ceiling: expected no, got depends

❌ R2 rdf run 2 graded by code

Depends. I07 is rated BBB- (A45), above the VD ceiling of BB (A12). That is only a breach if the note is foreign-currency, which Q44 cannot settle.

JSON: {"above_ceiling": "depends"}

Why: above_ceiling: expected no, got depends

✅ R2 rdf run 3 graded by code

No
The note is rated BBB- (A45), which is numerically above the BB ceiling (A12), but the ceiling constrains foreign-currency ratings and this note is in local currency (XVD).

JSON: {"above_ceiling": "no"}

❌ R2 rdf run 4 graded by code

Depends. I07 is rated BBB- (A45), which is above the BB ceiling (A12), but the ceiling applies only to foreign-currency ratings, and I07's currency basis is unknown (see Q44).

JSON: {"above_ceiling": "depends"}

Why: above_ceiling: expected no, got depends

❌ R2 rdf run 5 graded by code

Depends. I07's BBB- (A45) is above the BB ceiling (A12) only if the note is a foreign-currency obligation. If XVD is local currency, the ceiling doesn't apply (see Q44).

JSON: {"above_ceiling": "depends"}

Why: above_ceiling: expected no, got depends

✅ R6 rdf+ontology run 1 graded by code

No. Local-currency debt is not subject to the Country Ceiling, so the BB ceiling does not limit I07's BBB- rating.

JSON: {"above_ceiling": "no"}

✅ R6 rdf+ontology run 2 graded by code

No
I07 is local-currency debt, which the Country Ceiling does not cap.

JSON: {"above_ceiling": "no"}

✅ R6 rdf+ontology run 3 graded by code

No. I07 is local-currency debt and is not subject to the ceiling, so it is not rated above what the ceiling allows.

JSON: {"above_ceiling": "no"}

✅ R6 rdf+ontology run 4 graded by code

**No.** I07 is rated BBB-, above the BB ceiling, but local-currency debt is not subject to the Country Ceiling.

JSON: {"above_ceiling": "no"}

✅ R6 rdf+ontology run 5 graded by code

No
The ceiling caps only foreign-currency debt, and I07 is local-currency debt, so it is not capped by BB even though its BBB- rating is higher.

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 1 graded by code

No. The Country Ceiling applies only to foreign-currency obligations, so it does not cap I07, which is local-currency debt. (BBB- is numerically above BB, but that is not a ceiling breach.)

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 2 graded by code

No. The ceiling caps only foreign-currency ratings, and I07 is local-currency debt, so it is not subject to the BB ceiling.

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 3 graded by code

No. The ceiling applies only to FC ratings; I07 is local-currency, so the ceiling does not constrain it even though its BBB- rating (A45) is above BB.

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 4 graded by code

No. The Country Ceiling applies only to foreign-currency ratings, and I07 is local-currency debt, so the ceiling does not cap it.

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 5 graded by code

No. Local-currency debt is not subject to the Country Ceiling, so the ceiling does not cap it.

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 1 graded by code

No. The note (I07) is BBB- in local currency. The Country Ceiling (BB) caps only FC obligations, so the note is not capped and does not breach the ceiling.

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 2 graded by code

No. The ceiling applies only to FC obligations, and I07 is local-currency, so it is not capped even though BBB- is above BB.

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 3 graded by code

No. I07 is local-currency debt, which the ceiling does not cap, even though its BBB- rating is numerically above the BB ceiling.

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 4 graded by code

No. The ceiling applies only to foreign-currency debt, and I07 is local-currency, so the ceiling does not limit it.

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 5 graded by code

No. Local-currency debt is not subject to the Country Ceiling.

JSON: {"above_ceiling": "no"}

✅ R3 csv+padding run 1 graded by code

No. The note is BBB- and so numerically above the BB ceiling (A12), but the ceiling constrains foreign-currency obligations and this note is in local currency.

JSON: {"above_ceiling": "no"}

❌ R3 csv+padding run 2 graded by code

Yes. The 2027 note is rated BBB- (A45), above the Valdoria ceiling of BB (A12). The ceiling applies to FC, so it may not constrain a local-currency note.

JSON: {"above_ceiling": "yes"}

Why: above_ceiling: expected no, got yes

❌ R3 csv+padding run 3 graded by code

Depends. The note is rated BBB- (A45), which is above Valdoria's BB ceiling (A12). The ceiling caps foreign-currency ratings, so whether it applies depends on whether XVD is local currency (Q44).

JSON: {"above_ceiling": "depends"}

Why: above_ceiling: expected no, got depends

❌ R3 csv+padding run 4 graded by code

Depends. I07 is rated BBB-, which is above the BB ceiling (A12), but a ceiling only constrains foreign-currency obligations, so this is a breach only if XVD is not local currency (see Q44).

JSON: {"above_ceiling": "depends"}

Why: above_ceiling: expected no, got depends

❌ R3 csv+padding run 5 graded by code

Depends. I07 is rated BBB-, which is above the VD ceiling of BB (A12). But ceilings normally constrain only foreign-currency ratings, and whether I07 is FC depends on the unexplained XVD code in Q44.

JSON: {"above_ceiling": "depends"}

Why: above_ceiling: expected no, got depends

❌ R10 executed run 1 graded by code

Depends. Its rating BBB- (A45) is numerically above VD's ceiling of BB, but the ceiling is an FC limit and I07 is a local-currency obligation.

JSON: {"above_ceiling": "depends"}

Why: above_ceiling: expected no, got depends

❌ R10 executed run 2 graded by code

Yes. I07's rating of BBB- (A45) is above the VD ceiling of BB. The ceiling table doesn't say whether it applies only to foreign-currency ratings.

JSON: {"above_ceiling": "yes"}

Why: above_ceiling: expected no, got yes

❌ R10 executed run 3 graded by code

Depends. I07 is rated BBB- (A45), which is above the VD ceiling of BB, but the ceiling is not labelled with a currency basis and I07 is a local-currency obligation, so the data does not settle whether the ceiling applies to it.

JSON: {"above_ceiling": "depends"}

Why: above_ceiling: expected no, got depends

❌ R10 executed run 4 graded by code

Depends. I07 is rated BBB- and VD's ceiling is BB, so it is numerically above the ceiling. However, the ceiling table doesn't say whether it applies to local-currency ratings, and I07 is a local-currency note.

JSON: {"above_ceiling": "depends"}

Why: above_ceiling: expected no, got depends

❌ R10 executed run 5 graded by code

Yes. The 2027 note is rated BBB- (A45), above the Valdoria ceiling of BB. The data does not say whether ceilings apply only to foreign-currency ratings, so this rests on the numbers alone.

JSON: {"above_ceiling": "yes"}

Why: above_ceiling: expected no, got yes

✅ R7 csv+neutral run 1 graded by code

No. Local-currency debt is not capped by the ceiling, so the BB ceiling (A12) does not limit the note's BBB- rating (A45).

JSON: {"above_ceiling": "no"}

✅ R7 csv+neutral run 2 graded by code

No. Local-currency debt is not capped by the Country Ceiling, so I07 (BBB-) is not rated above what the ceiling allows.

JSON: {"above_ceiling": "no"}

✅ R7 csv+neutral run 3 graded by code

No. I07 is a local-currency obligation, which the Country Ceiling does not cap. Its BBB- rating (A45) is above the BB ceiling but not restricted by it.

JSON: {"above_ceiling": "no"}

✅ R7 csv+neutral run 4 graded by code

No
The Country Ceiling applies only to foreign-currency debt, and I07 is local-currency, so the ceiling does not limit its BBB- rating.

JSON: {"above_ceiling": "no"}

✅ R7 csv+neutral run 5 graded by code

No. The note is rated BBB- (A45), but the Country Ceiling applies only to FC debt, and this is local-currency debt.

JSON: {"above_ceiling": "no"}

✅ R8 csv+axioms run 1 graded by code

No. The Country Ceiling caps only foreign-currency issuer ratings; I07 is a local-currency instrument rated BBB- (A45), so the ceiling does not apply.

JSON: {"above_ceiling": "no"}

✅ R8 csv+axioms run 2 graded by code

No. The Country Ceiling constrains FC issuer ratings only, and I07 is a local-currency note. Its BBB- rating is numerically above the BB ceiling, but that is not a breach.

JSON: {"above_ceiling": "no"}

✅ R8 csv+axioms run 3 graded by code

No. The ceiling applies only to FC issuer ratings. I07 is a local-currency note (XVD), so the BB ceiling does not constrain its BBB- rating.

JSON: {"above_ceiling": "no"}

✅ R8 csv+axioms run 4 graded by code

No. The ceiling (BB) caps only FC LTIDR ratings, and I07 is a local-currency note (XVD). Its BBB- rating is numerically above BB, but the ceiling does not apply to it.

JSON: {"above_ceiling": "no"}

✅ R8 csv+axioms run 5 graded by code

No
The ceiling rule applies only to foreign-currency LTIDR ratings. I07 is local-currency (XVD), so the BB ceiling does not restrict its BBB- rating.

JSON: {"above_ceiling": "no"}

✅ R9 csv+axioms+markdown run 1 graded by code

No. The ceiling applies only to FC ratings, and this note is local-currency debt, so it is not capped.

JSON: {"above_ceiling": "no"}

✅ R9 csv+axioms+markdown run 2 graded by code

No. The note is local-currency debt, so the ceiling does not apply, even though its rating (BBB-, A45) is above the BB ceiling.

JSON: {"above_ceiling": "no"}

✅ R9 csv+axioms+markdown run 3 graded by code

No. I07 is local-currency debt, so the ceiling does not apply, even though BBB- is numerically above BB.

JSON: {"above_ceiling": "no"}

✅ R9 csv+axioms+markdown run 4 graded by code

No. The Country Ceiling applies only to foreign-currency debt, and I07 is local-currency, so it is not capped even though its BBB- rating (A45) is above BB.

JSON: {"above_ceiling": "no"}

✅ R9 csv+axioms+markdown run 5 graded by code

No. Local-currency debt is not subject to the ceiling, so BBB- on I07 is not a breach of the BB VD ceiling.

JSON: {"above_ceiling": "no"}