Q6, run 2026-11-05-1233-haiku

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 foreign-currency rating (BB, A14) is below the local-currency rating (BBB-, A13), which is consistent with the sovereign's foreign-currency country ceiling of BB (A12). The data does not state this reason explicitly.

Why: Names the BB foreign-currency country ceiling as consistent with the lower rating, but hedges that the cause isn't stated and never says the ceiling caps foreign-currency ratings and not local-currency ones.

🟡 R1 csv run 2 graded by llm

Valdoria's foreign-currency rating (BB, A14) sits below its local-currency rating (BBB-, A13), most likely because it is capped by the Valdoria Country Ceiling of BB (A12). The data shows the ceiling but doesn't state the reason.

Why: Names the BB Country Ceiling as the cause, but never says it caps foreign-currency ratings and not local-currency ones.

🟡 R1 csv run 3 graded by llm

The data does not state a reason. E05's FC rating (BB, A14) equals the Valdoria sovereign's CC rating (BB, A12) on the same date, which is consistent with a country-ceiling cap, but the data does not define CC.

Why: Only hedges that the FC rating matches the BB ceiling and is 'consistent with' a cap; doesn't assert the Country Ceiling as the cause or that it caps FC but not LC ratings.

🟡 R1 csv run 4 graded by llm

The data does not say why. The FC rating (BB, A14) is below the LC rating (BBB-, A13), both dated 2025-04-01. The FC rating equals the Valdoria ceiling (BB, A12), which is consistent with a ceiling cap, but no record confirms it.

Why: Notes FC rating equals the BB Country Ceiling, consistent with a cap, but hedges that it's unconfirmed and doesn't state that the ceiling caps FC and not LC ratings.

✅ R1 csv run 5 graded by llm

The data doesn't state a reason. E05's FC rating (BB, A14) equals Valdoria's country ceiling (BB, A12), while its LC rating is BBB- (A13), which suggests the FC rating is capped by the ceiling. That is an inference, not something the data says.

🟡 R2 rdf run 1 graded by llm

Valdoria Telecom SA's (E05) FC rating is BB (A14) and its LC rating is BBB- (A13). The data gives no reason, but the FC rating equals Valdoria's country ceiling of BB (A12), which is consistent with a ceiling cap.

Why: Identifies the BB country ceiling matching the FC rating as consistent with a cap, but hedges ('data gives no reason') and never states that the ceiling caps foreign-currency but not local-currency ratings.

🟡 R2 rdf run 2 graded by llm

The data doesn't say why. E05 has LC BBB- (A13) and FC BB (A14), and the Valdoria country ceiling is BB (A12), which would fit a cap on the FC rating, but the cause isn't stated. Q6 has no JSON field in the spec, so it is omitted below.

Why: Identifies the BB country ceiling as fitting a cap on the FC rating, but hedges that the cause isn't stated and never says the ceiling doesn't apply to LC ratings.

🟡 R2 rdf run 3 graded by llm

The data gives no reason.
Valdoria Telecom's (E05) foreign-currency rating is BB (A14) and its local-currency rating is BBB- (A13). The BB matches the Republic of Valdoria's country ceiling of BB (A12), which is consistent with a ceiling cap, but no rationale is recorded.

Why: Notes the BB rating matches Valdoria's BB country ceiling as consistent with a cap, but says no rationale is recorded and never states that the ceiling caps foreign-currency but not local-currency ratings.

🟡 R2 rdf run 4 graded by llm

The data does not state a reason. Valdoria Telecom's foreign-currency rating (A14, BB) equals the Valdoria country ceiling (A12, BB), which is consistent with a ceiling cap, but the data does not say so.

Why: Notes the FC rating equals the Valdoria ceiling (BB), consistent with a cap, but hedges that the data doesn't state it and never says the ceiling caps foreign- but not local-currency ratings.

🟡 R2 rdf run 5 graded by llm

The data gives no explicit reason. E05's foreign-currency rating (BB, A14) equals Valdoria's country ceiling (BB, A12, type CC), while its local-currency rating is BBB- (A13), so the ceiling is the likely cause.

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

✅ R6 rdf+ontology run 1 graded by llm

The FC rating (BB, A14) sits at Valdoria's Country Ceiling (BB, A12, same date), which caps foreign-currency ratings, while the LC rating (BBB-, A13) is not capped. The data does not state a reason explicitly, so this is inferred from the ceiling definition. No JSON field is defined for Q6, so it is omitted below.

✅ R6 rdf+ontology run 2 graded by llm

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

✅ R6 rdf+ontology run 3 graded by llm

The FC rating (A14, BB) is capped by Valdoria's Country Ceiling of BB (A12), while the LC rating (A13, BBB-) is not capped. The data records the ceiling but does not state the reason, so this is inferred from the ontology definitions.

✅ R6 rdf+ontology run 4 graded by llm

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

✅ R6 rdf+ontology run 5 graded by llm

Valdoria's Country Ceiling caps foreign-currency ratings at BB (A12), and E05's FC rating of BB (A14) sits at that cap, while its local-currency BBB- (A13) is not capped.

✅ R5 csv+ontology run 1 graded by llm

Valdoria's foreign-currency rating is capped by the Valdoria Country Ceiling of BB (A12), which bites on the FC rating of BB (A14). Its local-currency rating of BBB- (A13) is not subject to the ceiling.

✅ R5 csv+ontology run 2 graded by llm

Valdoria's Country Ceiling of BB (A12) caps foreign-currency ratings but not local-currency ones, so FC BB (A14) sits at the ceiling while LC is BBB- (A13). The data does not state the reason explicitly, but this is consistent with the ceiling.

✅ R5 csv+ontology run 3 graded by llm

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

✅ R5 csv+ontology run 4 graded by llm

Valdoria Telecom's FC rating (BB, A14) is capped by Valdoria's Country Ceiling of BB (A12), since E05 is domiciled in VD. Its LC rating (BBB-, A13) is not capped because local-currency ratings are not subject to the ceiling. *(Not in the JSON list, so no JSON field.)*

✅ R5 csv+ontology run 5 graded by llm

(Not in the JSON list, so no field is given.) Valdoria Telecom's FC rating (E05, BB, A14) is capped by the Valdoria Country Ceiling of BB (A12), since FC ratings are subject to the ceiling. Its LC rating (BBB-, A13) is not capped.

✅ R4 csv+markdown run 1 graded by llm

Valdoria's foreign-currency rating is capped by the Country Ceiling of BB (A12), which applies to FC ratings only. Its FC rating is BB (A14), at the cap, while its LC rating of BBB- (A13) is not capped.

✅ R4 csv+markdown run 2 graded by llm

Valdoria's Country Ceiling caps its foreign-currency ratings at BB (A12). E05's FC rating is BB (A14), while its LC rating is BBB- (A13), which the ceiling does not cap. This answer is not in the JSON because Q6 has no field.

✅ R4 csv+markdown run 3 graded by llm

Valdoria Telecom's FC rating (E05, BB, A14) is capped by the Valdorian Country Ceiling (VD, BB, A12), while its LC rating (BBB-, A13) is not capped because local-currency ratings are exempt from the ceiling.

✅ R4 csv+markdown run 4 graded by llm

Valdoria's Country Ceiling (A12) caps foreign-currency ratings at BB, and the FC rating (A14, BB) sits at that cap. The local-currency rating (A13, BBB-) is not capped, which is why the two differ.

✅ R4 csv+markdown run 5 graded by llm

The foreign-currency rating is capped by the Republic of Valdoria's Country Ceiling of BB (A12), while the local-currency rating of BBB- (A13) is not capped. (Q6 has no JSON field in the spec.)

🟡 R3 csv+padding run 1 graded by llm

Valdoria Telecom's foreign-currency rating (BB, A14) equals Valdoria's country ceiling (BB, A12), while its local-currency rating is BBB- (A13). The data does not state the cause; the ceiling match is the likely explanation.

Why: Identifies the BB country ceiling match as the likely cause, but only hedged, and never says the ceiling caps foreign-currency ratings and not local-currency ones.

🟡 R3 csv+padding run 2 graded by llm

The data does not give a reason. E05's FC rating (BB, A14) equals the Republic of Valdoria's country ceiling (BB, A12), which is consistent with a ceiling cap, but the data does not say so.

Why: Notes the FC rating equals the BB country ceiling, consistent with a cap, but hedges that the data doesn't state it and never says the ceiling caps FC but not LC ratings.

🟡 R3 csv+padding run 3 graded by llm

The data does not say why. Valdoria Telecom's foreign-currency rating (BB, A14) equals Valdoria's country ceiling (BB, A12), which is consistent with a ceiling cap, but no reason is recorded. This question has no JSON field, so it is answered here only.

Why: Notes the FC rating equals the BB country ceiling, consistent with a cap, but does not state the ceiling as the cause or that it caps foreign-currency and not local-currency ratings.

🟡 R3 csv+padding run 4 graded by llm

The data doesn't say. A13 (LC, BBB-) and A14 (FC, BB) have no comment, though the FC rating equals the Valdoria country ceiling of BB (A12).

Why: Notes FC rating equals the BB country ceiling, but says the data doesn't state the cause and doesn't say the ceiling caps FC and not LC ratings.

❌ R3 csv+padding run 5 graded by llm

The data does not say why. E05 has an LC rating of BBB- (A13) and an FC rating of BB (A14), and neither action has a comment.

Why: Answer says the data doesn't explain it and never names the Country Ceiling (BB) or says it caps foreign-currency ratings only.

🟡 R10 executed run 1 graded by llm

Valdoria's FC rating (BB) sits exactly at the VD ceiling (BB, from ceilings.csv), while its LC rating (BBB-) is above it. The data supports the ceiling as the reason, but does not state it.

Why: Identifies the BB country ceiling as the cause (point 1), but hedges ('does not state it') and never says the ceiling caps foreign-currency ratings and not local-currency ones (point 2).

🟡 R10 executed run 2 graded by llm

The data doesn't state the reason explicitly. E05's FC rating is BB (A14), which equals the VD ceiling of BB (ceilings.csv), while its LC rating is BBB- (A13), which sits above that ceiling.

Why: Notes FC rating equals the BB Valdoria ceiling while LC sits above it, but doesn't state the ceiling caps foreign-currency and not local-currency ratings as the cause; it disclaims an explicit reason.

✅ R10 executed run 3 graded by llm

The data does not state a reason. E05's FC rating (BB) equals the Valdoria ceiling (BB, from 2025-04-01), while its LC rating (BBB-) is above it, which suggests the ceiling caps the FC rating, but the data does not confirm this.

🟡 R10 executed run 4 graded by llm

Probably the Valdoria country ceiling. E05's FC rating is BB, equal to the VD ceiling of BB (ceilings.csv, from 2025-04-01), while its LC rating is BBB-. The data does not state the reason, so this is inferred.

Why: Names the Valdoria BB country ceiling as the cause (hedged as inferred), but never says the ceiling caps foreign-currency ratings and not local-currency ones.

🟡 R10 executed run 5 graded by llm

The data does not state a reason. Valdoria Telecom's FC rating is BB (A14) and its LC rating is BBB- (A13); the Valdoria ceiling of BB (ceilings.csv) matches the FC rating, which is consistent with a cap but does not confirm one.

Why: Identifies the BB ceiling matching the FC rating but hedges, says no reason is stated, and does not state that the ceiling caps FC and not LC ratings.

✅ R7 csv+neutral run 1 graded by llm

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

✅ R7 csv+neutral run 2 graded by llm

Valdoria Telecom's FC rating (BB, A14) is capped by the Republic of Valdoria's Country Ceiling of BB (A12), while its LC rating (BBB-, A13) is not capped. Foreign-currency ratings of entities domiciled in VD are subject to the ceiling; local-currency ratings are not.

✅ R7 csv+neutral run 3 graded by llm

The country ceiling caps foreign-currency ratings. Valdoria Telecom's FC rating is BB (A14), equal to the Republic of Valdoria's BB ceiling (A12), while its LC rating is BBB- (A13), which the ceiling does not cap. (No JSON field is defined for Q6.)

✅ R7 csv+neutral run 4 graded by llm

Valdoria's Country Ceiling caps its foreign-currency ratings at BB, and E05's FC rating is BB (A14). Its LC rating is BBB- (A13), which the ceiling does not cap; the data records the ceiling but does not state the reason for the gap, so this relies on the ontology's definitions.

✅ R7 csv+neutral run 5 graded by llm

The data points to the Country Ceiling. Valdoria Telecom's FC rating (E05, BB) equals the Valdoria ceiling (VD, BB, A12), which caps FC ratings but not LC ones (BBB-, A13). The records don't state a reason explicitly.

✅ R8 csv+axioms run 1 graded by llm

The foreign-currency rating is capped at the Republic of Valdoria's country ceiling of BB (A12), while the local-currency rating (BBB-, A13) is not subject to that cap. The data records the ceiling and the FC rating equal to it (A14), but gives no explicit reason beyond the ceiling constraint in the axioms.

🟡 R8 csv+axioms run 2 graded by llm

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

Why: Identifies the BB country ceiling matching the FC rating and that it is consistent with capping FC only, but hedges that the data doesn't state the reason rather than asserting the ceiling as the cause.

✅ R8 csv+axioms run 3 graded by llm

Probably because the foreign-currency rating is capped by the country ceiling. E05's FC rating (BB, A14) equals Valdoria's sovereign ceiling (BB, A12), while its LC rating (BBB-, A13) is not capped. The data does not state the reason explicitly.

🟡 R8 csv+axioms run 4 graded by llm

Valdoria Telecom's FC rating (BB, A14) equals Valdoria's country ceiling (CC BB, A12), while its LC rating is BBB- (A13). The data shows the FC rating sitting at the sovereign ceiling but does not state the cause.

Why: Identifies that the FC rating sits at Valdoria's BB country ceiling (point 1 largely met), but explicitly declines to state the ceiling as the cause and never says it caps FC but not LC ratings.

✅ R8 csv+axioms run 5 graded by llm

The foreign-currency rating (BB, A14) sits at the Valdoria country ceiling of BB (A12), while the local-currency rating (BBB-, A13) is not capped. The data implies this cap but does not state the reason explicitly.

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

Valdoria Telecom's FC rating (BB, A14) is capped by the Republic of Valdoria's Country Ceiling (BB, A12), which applies to foreign-currency ratings for transfer and convertibility risk. Its LC rating (BBB-, A13) is not capped. (No JSON field was requested for Q6.)

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

Valdoria Telecom's FC rating (E05, BB, A14) is capped by the Republic of Valdoria's Country Ceiling (VD, BB, A12). Local-currency debt is not subject to the ceiling, so its LC rating (BBB-, A13) is not capped.

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

The Republic of Valdoria's Country Ceiling caps foreign-currency ratings at BB (A12). E05's FC rating sits at that cap (BB, A14), but its LC rating (BBB-, A13) is not subject to the ceiling.

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

Valdoria Telecom's foreign-currency rating (BB, A14) is capped by the Republic of Valdoria's Country Ceiling of BB (A12). Its local-currency rating (BBB-, A13) is not capped, since the ceiling applies only to foreign-currency ratings.

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

The FC rating is held at Valdoria's Country Ceiling and the LC rating is not. A14 (FC, BB) equals the VD ceiling of BB in A12, while A13 (LC, BBB-) is not capped by a ceiling. The data does not record an analyst reason, so this relies on the ontology's ceiling definition.