Q45, run 2026-11-04-1738-sonnet-query

← back to the run

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

✅ D1 sql run 1 graded by code · query session

No. I07 is rated BBB- (A45), above the BB ceiling, but the ceiling applies to foreign-currency obligations and I07 is local-currency.

JSON: {"above_ceiling": "no"}

✅ D1 sql run 2 graded by code · query session

No. The Country Ceiling (BB, A12) limits foreign-currency ratings, and I07 is local-currency, so its BBB- (A45) is not constrained by it.

JSON: {"above_ceiling": "no"}

✅ D1 sql run 3 graded by code · query session

No. The Country Ceiling (BB) applies to foreign-currency ratings, and I07 is a local-currency obligation. I07 is rated BBB- (A45), equal to E05's local-currency rating.

JSON: {"above_ceiling": "no"}

✅ D1 sql run 4 graded by code · query session

No. The Country Ceiling (BB) caps foreign-currency ratings, and I07 is a local-currency note rated BBB- (A45).

JSON: {"above_ceiling": "no"}

✅ D1 sql run 5 graded by code · query session

No. The ceiling applies to foreign-currency ratings, and I07 is a local-currency note rated BBB- (A45).

JSON: {"above_ceiling": "no"}

✅ D2 sql+markdown run 1 graded by code · query session

No. I07 is rated BBB- (A45) against a ceiling of BB, but local-currency debt is not capped.

JSON: {"above_ceiling": "no"}

✅ D2 sql+markdown run 2 graded by code · query session

No. I07 is rated BBB- (A45), above the BB ceiling, but a local-currency obligation is not capped by the ceiling.

JSON: {"above_ceiling": "no"}

✅ D2 sql+markdown run 3 graded by code · query session

No. I07 is local-currency debt, so the ceiling does not apply.

JSON: {"above_ceiling": "no"}

✅ D2 sql+markdown run 4 graded by code · query session

No. I07 is rated BBB- and is local-currency debt, which the ceiling does not cap.

JSON: {"above_ceiling": "no"}

❌ D2 sql+markdown run 5 graded by code · query session

Yes. I07 is rated BBB- (A45) against a ceiling of BB (A12), though a local-currency obligation isn't capped by the ceiling.

JSON: {"above_ceiling": "yes"}

Why: above_ceiling: expected no, got yes

❌ D4 sparql run 1 graded by code · query session

Yes. The note is rated BBB- (A45), above the BB ceiling.

JSON: {"above_ceiling": "yes"}

Why: above_ceiling: expected no, got yes

✅ D4 sparql run 2 graded by code · query session

No. Its rating is BBB-, above the BB ceiling, but the ceiling constrains foreign-currency obligations and this is a local-currency note.

JSON: {"above_ceiling": "no"}

❌ D4 sparql run 3 graded by code · query session

Yes. I07 is rated BBB- (A45), above the VD ceiling of BB.

JSON: {"above_ceiling": "yes"}

Why: above_ceiling: expected no, got yes

✅ D4 sparql run 4 graded by code · query session

No. The ceiling constrains foreign-currency ratings, and I07 is a local-currency note rated BBB- (A45).

JSON: {"above_ceiling": "no"}

✅ D4 sparql run 5 graded by code · query session

No. I07 is rated BBB- (A45), above the BB ceiling, but the ceiling applies to foreign-currency ratings and I07 is a local-currency obligation.

JSON: {"above_ceiling": "no"}

✅ D5 sparql+ontology run 1 graded by code · query session

No. I07 is rated BBB- (A45), but local-currency debt is not capped by the ceiling.

JSON: {"above_ceiling": "no"}

✅ D5 sparql+ontology run 2 graded by code · query session

No. It is local-currency debt, so the ceiling does not cap it.

JSON: {"above_ceiling": "no"}

✅ D5 sparql+ontology run 3 graded by code · query session

No. I07 is a local-currency obligation, rated BBB- (A45), and the Country Ceiling (BB) does not cap it.

JSON: {"above_ceiling": "no"}

✅ D5 sparql+ontology run 4 graded by code · query session

No. The note is local-currency debt and not capped by the ceiling, and its BBB- (A45) exceeds the BB ceiling anyway.

JSON: {"above_ceiling": "no"}

✅ D5 sparql+ontology run 5 graded by code · query session

No. It is local-currency debt, so the ceiling does not apply.

JSON: {"above_ceiling": "no"}