Q45, run 2026-11-06-0935-sonnet-query
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
sql run 1
No. The note is rated BBB-, and the BB ceiling applies to foreign-currency ratings, not to a local-currency obligation.
JSON: {"above_ceiling": "no"}
sql run 2
No. The ceiling caps foreign-currency ratings, and I07 is a local-currency note.
JSON: {"above_ceiling": "no"}
sql run 3
No. I07 is rated BBB- (A45). The Country Ceiling of BB caps foreign-currency ratings, and I07 is local-currency.
JSON: {"above_ceiling": "no"}
sql run 4
No. The ceiling applies to foreign-currency obligations, and this is a local-currency note.
JSON: {"above_ceiling": "no"}
sql run 5
No. The ceiling caps foreign-currency ratings, and I07 is local-currency (BBB-).
JSON: {"above_ceiling": "no"}
sql+markdown run 1
No. The note is local-currency debt, so the ceiling does not cap it.
JSON: {"above_ceiling": "no"}
sql+markdown run 2
No. I07 is local-currency debt, so the ceiling does not cap it.
JSON: {"above_ceiling": "no"}
sql+markdown run 3
No. I07 is BBB- and local-currency debt is not capped by the ceiling.
JSON: {"above_ceiling": "no"}
sql+markdown run 4
No. I07 is rated BBB-, but it is local-currency debt and is not capped by the ceiling.
JSON: {"above_ceiling": "no"}
sql+markdown run 5
No. It is local-currency debt, so the ceiling does not apply.
JSON: {"above_ceiling": "no"}
sparql run 1
Yes. I07 is rated BBB- (A45), above Valdoria's ceiling of BB (A12).
JSON: {"above_ceiling": "yes"}
Why: above_ceiling: expected no, got yes
sparql run 2
No. The ceiling limits foreign-currency ratings, and I07 is local-currency, so its BBB- is not capped by the BB ceiling.
JSON: {"above_ceiling": "no"}
sparql run 3
No. The Country Ceiling caps foreign-currency ratings, and I07 is local-currency.
JSON: {"above_ceiling": "no"}
sparql run 4
No. I07 is an LC obligation, so the FC ceiling (BB) does not apply to its BBB- rating (A45, consistent with LC A13).
JSON: {"above_ceiling": "no"}
sparql run 5
No. The BB ceiling constrains foreign-currency ratings. I07 is a local-currency obligation rated BBB- (A45).
JSON: {"above_ceiling": "no"}
sparql+ontology run 1
No. I07 is local-currency debt, so the ceiling does not cap it.
JSON: {"above_ceiling": "no"}
sparql+ontology run 2
No. It is a local-currency obligation, so the ceiling does not cap it.
JSON: {"above_ceiling": "no"}
sparql+ontology run 3
No. I07 is local-currency debt, so the ceiling does not cap it.
JSON: {"above_ceiling": "no"}
sparql+ontology run 4
No. I07 is local-currency debt, so the ceiling doesn't apply.
JSON: {"above_ceiling": "no"}
sparql+ontology run 5
No. The BBB- rating is above the BB ceiling, but the ceiling does not cap local-currency debt.
JSON: {"above_ceiling": "no"}
sql+executed run 1
No. The BB ceiling applies to foreign-currency ratings, and I07 is a local-currency obligation rated BBB- (A45).
JSON: {"above_ceiling": "no"}
sql+executed run 2
No. The ceiling applies to foreign-currency ratings, and I07 is a local-currency obligation. Its BBB- rating (A45) is not capped by the BB ceiling.
JSON: {"above_ceiling": "no"}
sql+executed run 3
No. I07 is a local-currency obligation, and the ceiling applies to foreign-currency ratings. Its BBB- (A45) is therefore not capped by the BB ceiling.
JSON: {"above_ceiling": "no"}
sql+executed run 4
No. I07 is rated BBB- against a VD ceiling of BB. The ceiling applies to foreign-currency ratings, and I07 is local-currency.
JSON: {"above_ceiling": "no"}
sql+executed run 5
No. The ceiling caps foreign-currency ratings, and I07 is a local-currency obligation rated BBB- (A45). I'm assuming the ceiling applies only to foreign currency, which the data doesn't state.
JSON: {"above_ceiling": "no"}
sparql+axioms run 1
No. The BB ceiling applies to foreign-currency ratings, and I07 is local currency (BBB-).
JSON: {"above_ceiling": "no"}
sparql+axioms run 2
No. The Country Ceiling caps foreign-currency ratings only, and I07 is a local-currency note.
JSON: {"above_ceiling": "no"}
sparql+axioms run 3
No. The note is local-currency, so the foreign-currency ceiling does not apply, even though BBB- is above BB.
JSON: {"above_ceiling": "no"}
sparql+axioms run 4
No. The ceiling applies to foreign-currency ratings, and I07 is a local-currency note rated BBB- (A45).
JSON: {"above_ceiling": "no"}
sparql+axioms run 5
No. The BB ceiling caps foreign-currency ratings, and I07 is local-currency.
JSON: {"above_ceiling": "no"}