Q45, run 2026-11-05-2135-haiku

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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

Depends
I07 is rated BBB- (A45), above the BB ceiling (A12), but the data does not say whether the ceiling applies to local-currency debt.

JSON: {"above_ceiling": "depends"}

Why: above_ceiling: expected no, got depends

✅ R1 csv run 2 graded by code

No. Ceilings cap foreign-currency ratings. I07 is a local-currency instrument (BBB-), so it is not capped at BB.

JSON: {"above_ceiling": "no"}

✅ R1 csv run 3 graded by code

No. I07 is BBB-, which is above the BB ceiling, but ceilings apply to FC obligations, and I07 is local-currency.

JSON: {"above_ceiling": "no"}

✅ R1 csv run 4 graded by code

No. The ceiling applies to foreign-currency ratings. I07 is local-currency, so the ceiling does not bind, even though BBB- is above the BB ceiling.

JSON: {"above_ceiling": "no"}

❌ R1 csv run 5 graded by code

Yes. I07 is rated BBB- (A45), above the BB Valdoria ceiling (A12). The ceiling is normally an FC cap, so this is a numeric comparison.

JSON: {"above_ceiling": "yes"}

Why: above_ceiling: expected no, got yes

❌ R2 rdf run 1 graded by code

Depends. BBB- (A45) is numerically above the BB ceiling (A12), but ceilings govern foreign currency and this note is local currency.

JSON: {"above_ceiling": "depends"}

Why: above_ceiling: expected no, got depends

✅ R2 rdf run 2 graded by code

No. The 2027 note (I07, BBB-) is in local currency, and the country ceiling (BB, A12) applies to foreign-currency ratings. This relies on that inference.

JSON: {"above_ceiling": "no"}

❌ R2 rdf run 3 graded by code

Depends. The note is rated BBB- (A45), which is above the Valdoria ceiling of BB (A12). Ceilings usually cap foreign-currency obligations, not local-currency ones, and the data does not say how ceilings apply.

JSON: {"above_ceiling": "depends"}

Why: above_ceiling: expected no, got depends

❌ R2 rdf run 4 graded by code

Depends. The note's rating is BBB- (A45), which is numerically above the BB ceiling. However, the ceiling caps foreign-currency ratings, and if I07 is local-currency it would not apply.

JSON: {"above_ceiling": "depends"}

Why: above_ceiling: expected no, got depends

❌ R2 rdf run 5 graded by code

Depends. If the note is foreign-currency, its BBB- (A45) is above the BB ceiling implied by A12. The data does not establish that.

JSON: {"above_ceiling": "depends"}

Why: above_ceiling: expected no, got depends

✅ R6 rdf+ontology run 1 graded by code

No.
I07 is local-currency debt, and the Country Ceiling (BB) caps only foreign-currency ratings, so it doesn't apply to I07 (rated BBB-).

JSON: {"above_ceiling": "no"}

✅ R6 rdf+ontology run 2 graded by code

No. The ceiling does not cap local-currency debt, so the BBB- rating on I07 is not a breach. It sits numerically above BB, but that is not a violation.

JSON: {"above_ceiling": "no"}

✅ R6 rdf+ontology run 3 graded by code

No. BBB- is above the BB ceiling, but the ceiling caps only FC debt, and the 2027 note is in XVD.

JSON: {"above_ceiling": "no"}

✅ R6 rdf+ontology run 4 graded by code

No. I07 is rated BBB- (A45), numerically above the BB ceiling, but the ceiling does not apply to local-currency debt.

JSON: {"above_ceiling": "no"}

✅ R6 rdf+ontology run 5 graded by code

No
I07 is local-currency debt, so the Country Ceiling does not apply to it.

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 1 graded by code

No. Local-currency debt is not capped by the Country Ceiling, so the BB ceiling does not limit I07's BBB- rating.

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 2 graded by code

No. The Country Ceiling caps only foreign-currency ratings, and I07 is XVD (local currency), so it is not capped.

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 3 graded by code

No
The Country Ceiling caps FC debt only. I07 is local-currency, so the ceiling does not apply even though BBB- is above BB.

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 4 graded by code

No. The note is local-currency debt, and the Country Ceiling does not cap it.

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 5 graded by code

No. I07 is rated BBB-, which is numerically above the BB ceiling. The ceiling only caps FC ratings, so local-currency debt is not held to it. This answer depends on reading "above what the ceiling allows" as "subject to the cap".

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 1 graded by code

No. Local-currency debt is not capped by the Country Ceiling, so the BBB- rating (A45) is not a breach of it.

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 2 graded by code

No. Local-currency debt is not capped by the ceiling, so the BB ceiling does not constrain I07 (BBB-, A45).

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 3 graded by code

No. The note is local-currency (XVD), and the ceiling caps only foreign-currency ratings.

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 4 graded by code

No. Domestic-currency debt is not subject to the ceiling, so the BBB- rating is not capped at BB.

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 5 graded by code

No. Local-currency debt is not capped by the Country Ceiling, so the BBB- rating (A45) is not limited by the BB ceiling.

JSON: {"above_ceiling": "no"}

❌ R3 csv+padding run 1 graded by code

Depends. The note's BBB- (A45) is above the BB ceiling numerically, but ceilings cap FC ratings and this is an LC note.

JSON: {"above_ceiling": "depends"}

Why: above_ceiling: expected no, got depends

❌ R3 csv+padding run 2 graded by code

Yes. The note is rated BBB- (A45), above the BB ceiling (A12). Ceilings normally constrain foreign-currency ratings, so this is a local-currency instrument.

JSON: {"above_ceiling": "yes"}

Why: above_ceiling: expected no, got yes

✅ R3 csv+padding run 3 graded by code

No. The ceiling limits foreign-currency ratings. The note is local-currency (XVD), so the ceiling does not apply, even though its BBB- rating numerically exceeds the BB ceiling.

JSON: {"above_ceiling": "no"}

✅ R3 csv+padding run 4 graded by code

No. The ceiling caps FC ratings, and I07 is in XVD, which is likely local currency. BBB- would exceed the BB ceiling only if the note were FC.

JSON: {"above_ceiling": "no"}

❌ R3 csv+padding run 5 graded by code

Depends. The BBB- rating (A45) is numerically above the BB ceiling, but the ceiling only caps foreign-currency ratings. The instrument rating has no currency basis recorded.

JSON: {"above_ceiling": "depends"}

Why: above_ceiling: expected no, got depends

❌ R10 executed run 1 graded by code

Depends. I07 is BBB-, which is numerically above the VD ceiling of BB. The ceiling is a foreign-currency limit, though, and I07 is local-currency, so it may not apply.

JSON: {"above_ceiling": "depends"}

Why: above_ceiling: expected no, got depends

❌ R10 executed run 2 graded by code

Yes. I07 is BBB- (A45), which is above Valdoria's BB ceiling. Note the ceiling normally caps FC ratings, and I07 is a local-currency obligation.

JSON: {"above_ceiling": "yes"}

Why: above_ceiling: expected no, got yes

✅ R10 executed run 3 graded by code

No. The ceiling in the data governs FC ratings (see Q6, Q30), and I07 is a local-currency note. The data does not explicitly say ceilings apply only to FC, so this answer rests on that reading.

JSON: {"above_ceiling": "no"}

✅ R10 executed run 4 graded by code

No. BBB- (A45) is numerically above BB, but I07 is local-currency and the ceiling is a foreign-currency cap. The data does not state that scope, so this relies on an inference.

JSON: {"above_ceiling": "no"}

✅ R10 executed run 5 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R7 csv+neutral run 1 graded by code

No. The Country Ceiling applies only to FC debt. I07 is XVD (local currency), so it is not capped.

JSON: {"above_ceiling": "no"}

✅ R7 csv+neutral run 2 graded by code

No. The note is local-currency debt, so it is not subject to the Country Ceiling (A12).

JSON: {"above_ceiling": "no"}

✅ R7 csv+neutral run 3 graded by code

No. Local-currency debt is not capped by the ceiling.

JSON: {"above_ceiling": "no"}

✅ R7 csv+neutral run 4 graded by code

No. The note is local-currency, and the ceiling applies only to foreign-currency debt. BBB- (A45) being above the BB ceiling is therefore not a breach.

JSON: {"above_ceiling": "no"}

✅ R7 csv+neutral run 5 graded by code

No. Local-currency debt is not subject to the ceiling, so BBB- is not capped.

JSON: {"above_ceiling": "no"}

✅ R8 csv+axioms run 1 graded by code

No. The note is local-currency, and the ceiling constrains only FC issuer ratings.

JSON: {"above_ceiling": "no"}

✅ R8 csv+axioms run 2 graded by code

No. The ceiling constraint applies only to foreign-currency issuer ratings, and I07 is a local-currency instrument; the numerical comparison (BBB- against BB) does not trigger the rule.

JSON: {"above_ceiling": "no"}

✅ R8 csv+axioms run 3 graded by code

No. The ceiling rule applies only to FC issuer ratings; I07 is a local-currency instrument, so it is not constrained by the BB ceiling even though BBB- is numerically higher.

JSON: {"above_ceiling": "no"}

✅ R8 csv+axioms run 4 graded by code

No. The ceiling rule applies only to FC LTIDR ratings; I07 is local-currency and an INST rating (BBB-).

JSON: {"above_ceiling": "no"}

✅ R8 csv+axioms run 5 graded by code

No. The Country Ceiling applies to FC ratings, and this note is local-currency. Its BBB- rating (A45) is numerically above BB, but the ceiling does not constrain it.

JSON: {"above_ceiling": "no"}

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

No. Country Ceilings apply only to foreign-currency debt, and the note is in XVD, so it is not capped even though BBB- is above BB.

JSON: {"above_ceiling": "no"}

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

No.
Local-currency debt is not subject to the Country Ceiling, so the BBB- rating on I07 (A45) is not an ceiling breach.

JSON: {"above_ceiling": "no"}

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

No. The ceiling caps FC ratings only, and I07 is local-currency debt, so it is not capped.

JSON: {"above_ceiling": "no"}

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

No. The note is rated BBB-, above the BB ceiling, but it is local-currency debt, so the ceiling does not apply.

JSON: {"above_ceiling": "no"}

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

No. I07's rating (BBB-) is numerically above the VD ceiling (BB), but the ceiling applies only to foreign-currency ratings and I07 is local-currency.

JSON: {"above_ceiling": "no"}