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

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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

No. The ceiling limits foreign-currency ratings, and I07 is in the (assumed) local currency.

JSON: {"above_ceiling": "no"}

✅ R1 csv run 2 graded by code

No. The ceiling applies to foreign-currency obligations, and I07 is a local-currency note, so the BB cap doesn't constrain its BBB- (A45).

JSON: {"above_ceiling": "no"}

✅ R1 csv run 3 graded by code

No. The ceiling applies to foreign-currency ratings, and the note is local-currency at BBB- (A45).

JSON: {"above_ceiling": "no"}

✅ R1 csv run 4 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R1 csv run 5 graded by code

No. The ceiling constrains foreign-currency obligations, and I07 is local-currency. Its BBB- is above the BB ceiling numerically, but the ceiling does not apply to it.

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 1 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 2 graded by code

No. I07 is local-currency debt, so the ceiling does not cap it, even though its BBB- (A45) is above the BB ceiling.

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 3 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 4 graded by code

No. I07 is local-currency debt, so the ceiling does not cap it, and it is rated BBB- (A45).

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 5 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R10 executed run 1 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R10 executed run 2 graded by code

No. I07 is BBB- (A45) and VD's ceiling is BB, but the ceiling applies to foreign-currency ratings and I07 is a local-currency note.

JSON: {"above_ceiling": "no"}

✅ R10 executed run 3 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R10 executed run 4 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R10 executed run 5 graded by code

No. I07 is a local-currency instrument, so the foreign-currency ceiling does not apply; it is rated BBB- (A45) against the VD ceiling of BB.

JSON: {"above_ceiling": "no"}