Q6, run 2026-11-04-1738-sonnet

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 is held to Valdoria's Country Ceiling of BB (A12). E05's FC rating is BB (A14) against an LC rating of BBB- (A13).

Why: Names the BB Country Ceiling as the cause, but never says the ceiling caps foreign-currency ratings and not local-currency ones; the LC vs FC ratings are only listed.

🟡 R1 csv run 2 graded by llm

The Country Ceiling caps it. VD's ceiling is BB (A12), and E05's foreign-currency rating is BB (A14) while its local-currency rating is BBB- (A13).

Why: Names the Country Ceiling of BB as the cause, but never says it caps foreign-currency ratings and not local-currency ones; it only implies this through the example ratings.

🟡 R1 csv run 3 graded by llm

The data points to the country ceiling. The Valdoria country ceiling is BB (A12), and E05's foreign-currency rating is BB (A14) against BBB- in local currency (A13).

Why: Names the BB country ceiling as the cause (point 1), but never says the ceiling caps foreign-currency ratings and not local-currency ones (point 2); it only lists the differing ratings.

🟡 R1 csv run 4 graded by llm

The data states no reason. Valdoria's country ceiling (VD, CC) is BB, which equals E05's foreign-currency rating BB (A14), while A13 gives the local-currency rating BBB-.

Why: Identifies the BB country ceiling matching the foreign-currency rating, but says the data states no reason and never states that the ceiling caps foreign-currency but not local-currency ratings.

🟡 R1 csv run 5 graded by llm

The data points to the country ceiling. The Valdoria country ceiling (A12) is BB. Valdoria Telecom's foreign-currency rating (A14) is BB, while its local-currency rating (A13) is BBB-. The data gives no explicit reason beyond that.

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

✅ R4 csv+markdown run 1 graded by llm

The FC rating is capped by Valdoria's Country Ceiling of BB (A12), so E05's FC rating is BB (A14). The LC rating (A13, BBB-) is not capped.

✅ R4 csv+markdown run 2 graded by llm

The Country Ceiling for VD is BB (A12) and caps foreign-currency ratings. E05's FC rating is therefore BB (A14), while its uncapped LC rating is BBB- (A13).

✅ R4 csv+markdown run 3 graded by llm

The Valdoria Country Ceiling is BB (A12) and caps foreign-currency ratings. E05's foreign-currency rating is BB (A14), while its local-currency rating is BBB- (A13), which is not capped.

✅ R4 csv+markdown run 4 graded by llm

Valdoria's Country Ceiling is BB (A12, on VD). Valdoria Telecom's FC rating (A14, BB) is capped at that level, while its LC rating (A13, BBB-) is not capped.

✅ R4 csv+markdown run 5 graded by llm

The Country Ceiling caps foreign-currency ratings and not local-currency ones. VD's ceiling is BB (A12), so E05's FC rating is BB (A14), while its LC rating is BBB- (A13).

✅ R10 executed run 1 graded by llm

Valdoria's country ceiling for VD is BB from 2025-04-01. E05's foreign-currency rating is therefore capped at BB (A14), while its local-currency rating is BBB- (A13).

🟡 R10 executed run 2 graded by llm

The data gives no explicit reason. E05's FC rating is BB (A14) against LC BBB- (A13). The FC rating equals Valdoria's ceiling of BB, which fits a country-ceiling effect, but the data doesn't state the cause.

Why: Notes FC rating equals the BB ceiling, consistent with a country-ceiling effect, but hedges, doesn't assert the ceiling as the cause, and doesn't state that it caps FC but not LC ratings.

🟡 R10 executed run 3 graded by llm

The data supports an explanation, but it does not state a cause. Valdoria's country ceiling is BB from 2025-04-01. E05's foreign-currency rating is BB (A14) and its local-currency rating is BBB- (A13), so the foreign-currency rating sits at the ceiling.

Why: Names the BB country ceiling and notes FC rating sits at it, but hedges that no cause is stated and never says the ceiling caps foreign-currency ratings and not local-currency ones.

✅ R10 executed run 4 graded by llm

The data gives no explicit reason. E05 has FC BB (A14) and LC BBB- (A13), and the Valdoria ceiling of BB applies from 2025-04-01. The ceiling caps foreign-currency ratings at BB, which is consistent with the gap.

✅ R10 executed run 5 graded by llm

The data does not state a reason, but it is consistent with the country ceiling. VD's ceiling is BB, and E05's foreign-currency LTIDR is BB (A14) while its local-currency rating is BBB- (A13). The ceiling is a cap on foreign-currency ratings.