Q6, run 2026-11-05-2135-haiku

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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

Foreign-currency rating is capped at the country ceiling.
E05's FC rating (BB, A14) equals Valdoria's country ceiling (BB, A12), while its LC rating is BBB- (A13). The data does not state the reason explicitly.

Why: Identifies the country ceiling (BB) as capping the FC rating, but never states that it applies to foreign-currency and not local-currency ratings; it also says the data doesn't state the reason explicitly, weakening the causal claim.

🟡 R1 csv run 2 graded by llm

The data gives no stated reason. Valdoria's FC rating (BB, A14) equals its country ceiling (BB, A12), which is consistent with a ceiling cap, while the LC rating is BBB- (A13).

JSON: {"reason": "FC rating (BB) equals the Valdoria country ceiling (BB); data does not state a reason explicitly"}

Why: Identifies the BB country ceiling matching the FC rating as consistent with a cap, but hedges ('no stated reason') and doesn't state that the ceiling caps FC but not LC ratings.

🟡 R1 csv run 3 graded by llm

The data does not state the cause. Valdoria's FC rating (E05, BB, A14) equals the Republic of Valdoria's CC rating (VD, BB, A12), which is consistent with a sovereign ceiling but does not confirm it.

JSON: {"explanation": "FC rating (BB) equals sovereign CC ceiling (BB); cause not stated in data"}

Why: Points to the BB country ceiling as consistent with the FC rating but explicitly declines to confirm it as the cause, and does not say the ceiling caps FC and not LC ratings.

✅ R1 csv run 4 graded by llm

The data doesn't state the reason. Valdoria's FC rating (BB, A14) is the same as the sovereign's country ceiling (VD, CC BB, A12), while its LC rating is BBB- (A13), so the FC rating looks capped by the ceiling.

🟡 R1 csv run 5 graded by llm

Valdoria's FC rating (BB, A14) equals the sovereign country ceiling (CC BB, A12), while its LC rating is BBB- (A13). The data doesn't state the cause, but the match with the ceiling is consistent with a ceiling cap.

Why: Identifies the FC rating matching the BB country ceiling, but hedges on causation and never states that the ceiling caps FC and not LC ratings.

🟡 R2 rdf run 1 graded by llm

The data gives no stated reason. The foreign-currency rating (A14, BB) equals the Valdoria country ceiling (A12, BB), which is consistent with a ceiling cap, but the data does not say so.

Why: Identifies the BB country ceiling as matching the foreign-currency rating, but hedges that the data doesn't state it as the cause and doesn't say the ceiling applies only to foreign-currency ratings.

🟡 R2 rdf run 2 graded by llm

The data does not give a reason. E05 has FC BB (A14) and LC BBB- (A13), and the FC rating equals the Valdoria country ceiling of BB (A12), which is consistent with a ceiling cap but not stated.

JSON: {"reason": "not stated in data; FC BB equals VD country ceiling BB"}

Why: Links FC rating to the BB country ceiling as consistent with a cap, but hedges that it isn't stated and doesn't say the ceiling applies to FC and not LC.

❌ R2 rdf run 3 graded by llm

The data does not say why. On 1 Apr 2025, Valdoria Telecom (E05) was rated BB foreign-currency (A14) and BBB- local-currency (A13). No reason or country-ceiling detail is recorded.

JSON: {"reason": "not stated in data"}

Why: Does not name the Country Ceiling (BB) as the cause or say it caps foreign-currency ratings; states the reason is not recorded.

🟡 R2 rdf run 4 graded by llm

The data gives no reason. Valdoria Telecom (E05) has FC BB (A14) against LC BBB- (A13), and the FC rating equals Valdoria's Country Ceiling of BB (A12), which is consistent with a ceiling cap but does not state one.

Why: Notes FC rating equals the BB Country Ceiling, but hedges that the data doesn't state a cause and never says the ceiling caps FC and not LC ratings.

🟡 R2 rdf run 5 graded by llm

The data gives no reason. E05's foreign-currency BB (A14) sits below its local-currency BBB- (A13) on the same date, and BB matches VD's sovereign record A12, which is consistent with a ceiling cap but does not say so.

Why: Notes FA BB matches the sovereign record and is consistent with a ceiling cap, but does not name the Country Ceiling as the cause or state that it caps foreign-currency only; claims the data gives no reason.

✅ R6 rdf+ontology run 1 graded by llm

The foreign-currency rating is capped by Valdoria's Country Ceiling of BB (A12). E05's FC rating is BB (A14) and its LC rating is BBB- (A13). The data doesn't state the cause; this is inferred from the ontology's definitions of Country Ceiling and FC/LC.

✅ R6 rdf+ontology run 2 graded by llm

The FC rating of E05 (Valdoria Telecom) is BB (A14), which equals the VD Country Ceiling of BB (A12). Ceilings cap foreign-currency ratings, while the LC rating of BBB- (A13) is not capped.

✅ R6 rdf+ontology run 3 graded by llm

Valdoria Telecom's FC rating (BB, A14) sits at the Valdoria Country Ceiling (BB, A12), while its LC rating (BBB-, A13) is not capped. The ontology defines the ceiling as capping FC ratings for transfer and convertibility risk, and not LC ratings, so the gap comes from that cap. The data itself does not state the cause; this is the ontology's definition applied to the figures.

✅ R6 rdf+ontology run 4 graded by llm

Valdoria's Country Ceiling is BB (A12). It caps E05's foreign-currency rating at BB (A14), but local-currency ratings are not capped, so the LC rating stays at BBB- (A13).

✅ R6 rdf+ontology run 5 graded by llm

The FC rating is capped by Valdoria's Country Ceiling.
E05's FC rating is BB (A14), equal to the VD Country Ceiling (A12, CC BB), while its LC rating of BBB- (A13) is not capped because local-currency debt is exempt.

✅ R5 csv+ontology run 1 graded by llm

Because the Republic of Valdoria's Country Ceiling (VD, BB, A12) caps foreign-currency ratings, and E05's FC rating is BB (A14) while its LC rating (A13, BBB-) is not capped.

✅ R5 csv+ontology run 2 graded by llm

Valdoria Telecom's FC rating is capped by the Republic of Valdoria's Country Ceiling of BB (A12), and E05's FC BB (A14) sits at that cap. Its LC rating (BBB-, A13) is not subject to the ceiling.

❌ R5 csv+ontology run 3 graded by llm

(no answer found)

Why: No answer was provided, so neither checklist point is met.

✅ R5 csv+ontology run 4 graded by llm

The FC rating is capped by Valdoria's Country Ceiling of BB (A12), which binds E05's FC rating (A14, BB). The LC rating (A13, BBB-) is not capped because it is local-currency.

✅ R5 csv+ontology run 5 graded by llm

Valdoria's foreign-currency ceiling is BB (A12), and E05's FC rating of BB (A14) sits at that cap. Its LC rating of BBB- (A13) is not capped, because the ceiling covers transfer and convertibility risk on FC debt only.

✅ R4 csv+markdown run 1 graded by llm

The Country Ceiling for Valdoria (A12, BB) caps foreign-currency ratings but not local-currency ones. E05's FC rating is BB (A14), at the cap, while its LC rating is BBB- (A13).

✅ R4 csv+markdown run 2 graded by llm

Valdoria's country ceiling caps foreign-currency ratings. A12 sets the VD ceiling at BB, so E05's FC rating (A14, BB) sits at the ceiling. Its LC rating (A13, BBB-) is local-currency and not capped.

✅ R4 csv+markdown run 3 graded by llm

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

✅ R4 csv+markdown run 4 graded by llm

Valdoria Telecom's FC rating (BB, A14) is capped by the Valdoria Country Ceiling (BB, A12), which applies to foreign-currency ratings. Its LC rating (BBB-, A13) is not capped because it is domestic-currency.

✅ R4 csv+markdown run 5 graded by llm

The foreign-currency rating is capped by Valdoria's Country Ceiling of BB (A12), so E05's FC rating is BB (A14). The local-currency rating of BBB- (A13) is not subject to the ceiling.

🟡 R3 csv+padding run 1 graded by llm

The FC rating (BB, A14) equals Valdoria's country ceiling (BB, A12), while the LC rating is BBB- (A13). The data does not state the reason, but the ceiling cap is the consistent explanation.

JSON: {"explanation": "FC rating capped by Valdoria country ceiling BB (A12); LC rating BBB- (A13)"}

Why: Names the country ceiling (BB) as the consistent cause, but never states that the ceiling caps foreign-currency ratings and not local-currency ones.

🟡 R3 csv+padding run 2 graded by llm

The data doesn't state a reason. E05's FC rating (BB, A14) equals Valdoria's country ceiling (BB, A12), which is consistent with a sovereign cap, but that is inference.

Why: Identifies the BB country ceiling matching the FC rating as a likely cap, but hedges it as inference rather than stating it as the cause, and doesn't say the ceiling applies to FC and not LC.

🟡 R3 csv+padding run 3 graded by llm

The foreign-currency rating (BB, A14) sits at Valdoria's sovereign ceiling of BB (A12, CC), while the local-currency rating is BBB- (A13). The data does not state the cause, so this is consistent with the ceiling but not confirmed by it.

Why: Identifies the BB sovereign ceiling and the FC/LC rating gap, but hedges that the cause isn't confirmed and never states the ceiling caps foreign-currency but not local-currency ratings.

🟡 R3 csv+padding run 4 graded by llm

The data does not state a reason. E05's FC rating (BB, A14) equals the Valdoria country ceiling (BB, A12), which is consistent with a ceiling cap, but the data does not say so.

Why: Identifies the BB country ceiling as consistent with the FC rating but hedges and does not assert it as the cause, and never says the ceiling caps FC but not LC.

🟡 R3 csv+padding run 5 graded by llm

The data gives no reason. Valdoria Telecom's foreign-currency rating (BB, A14) equals Valdoria's country ceiling (BB, A12), which fits a transfer cap, but the data does not say so.

Why: Notes the FC rating equals the BB country ceiling and that it fits a transfer cap, but hedges that the data doesn't state it as the cause and never says the ceiling applies to foreign- and not local-currency ratings.

✅ R10 executed run 1 graded by llm

The FC rating (E05, BB) sits at the Valdoria country ceiling (VD, BB), while the LC rating (BBB-) is not capped. The data sets the ceiling but does not state the reason, so this is inferred.

🟡 R10 executed run 2 graded by llm

The FC rating (BB, E05 A-row) sits at Valdoria's country ceiling of BB (ceilings.csv), while the LC rating is BBB-. The data shows the ceiling and both ratings but does not state the reason explicitly.

Why: Names the BB country ceiling as the level the FC rating sits at, but never says the ceiling caps FC and not LC ratings, and disclaims giving the reason.

✅ R10 executed run 3 graded by llm

Valdoria Telecom's foreign-currency rating is capped by Valdoria's country ceiling. E05's FC rating is BB (A14), which matches the VD ceiling of BB (ceilings.csv), while its LC rating of BBB- (A13) sits above it. The data does not state the capping rule explicitly, so this is an inference from the ceiling and the FC/LC split.

✅ R10 executed run 4 graded by llm

The data doesn't state a reason. Valdoria Telecom's FC rating (BB, A14) equals Valdoria's country ceiling (BB, ceilings.csv), while its LC rating (BBB-, A13) is not capped, so the ceiling is the likely cause. This is an inference.

✅ R10 executed run 5 graded by llm

The foreign-currency rating is capped by Valdoria's country ceiling of BB (ceilings.csv, VD, from 2025-04-01), while the local-currency rating of BBB- (E05 LC) is not. The data gives the ceiling but does not state the mechanism explicitly, so this is an inference. (Q6 has no JSON field.)

✅ R7 csv+neutral run 1 graded by llm

The FC rating (BB, A14) is capped by the Republic of Valdoria's Country Ceiling of BB (A12). The LC rating (BBB-, A13) is not subject to the ceiling.

✅ R7 csv+neutral run 2 graded by llm

Valdoria's Country Ceiling is BB (A12), which caps foreign-currency ratings. Its FC rating is therefore BB (A14), while its local-currency rating, which is not capped, is BBB- (A13). (Not in the JSON, as it was not listed.)

✅ R7 csv+neutral run 3 graded by llm

Valdoria's Country Ceiling (A12, BB) caps foreign-currency ratings of VD-domiciled entities. E05's FC rating (A14, BB) sits at that ceiling, while its LC rating (A13, BBB-) is not capped.

✅ R7 csv+neutral run 4 graded by llm

The FC rating is capped by Valdoria's Country Ceiling of BB (A12), while the LC rating (BBB-, A13) is not subject to the ceiling. Both E05 ratings were set on 2025-04-01 (A13, A14).

✅ R7 csv+neutral run 5 graded by llm

Valdoria's Country Ceiling is BB (A12). It caps foreign-currency ratings of VD-domiciled entities, so E05's FC rating is BB (A14), while its local-currency rating (BBB-, A13) is not capped.

✅ R8 csv+axioms run 1 graded by llm

The data doesn't state a cause. E05's FC rating (BB, A14) sits exactly at the Republic of Valdoria's BB Country Ceiling (A12), while its LC rating (BBB-, A13) is above it; the ceiling constraint applies only to FC ratings.

🟡 R8 csv+axioms run 2 graded by llm

The data does not state a reason. E05's FC rating (BB, A14) equals the Republic of Valdoria's Country Ceiling (BB, A12), which is consistent with a ceiling cap, but no comment supports that. The comment field on A14 is empty.

Why: Identifies the BB Country Ceiling as consistent with the FC rating but hedges that no source states it as the cause, and never says the ceiling caps FC but not LC ratings.

✅ R8 csv+axioms run 3 graded by llm

The foreign-currency rating (E05 FC BB, A14) equals the Valdoria country ceiling (VD CC BB, A12), while the local-currency rating (A13, BBB-) is not subject to that cap. The data is consistent with the ceiling as the cause but does not state it.

✅ R8 csv+axioms run 4 graded by llm

The foreign-currency rating is capped at its country ceiling. E05's FC rating is BB (A14), equal to the Republic of Valdoria's CC of BB (A12), while its LC rating is BBB- (A13). The ceiling rule applies only to FC ratings, so the LC rating is not capped.

✅ R8 csv+axioms run 5 graded by llm

The data shows FC rating BB equals the Valdoria Country Ceiling of BB (A12), while the LC rating is BBB- (A13). The ceiling rule caps FC ratings, though the data does not state this as the reason explicitly.

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

The Valdoria Country Ceiling (VD, BB, A12) caps E05's FC rating at BB (A14). The LC rating of BBB- (A13) is not subject to the ceiling.

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

The foreign-currency rating is capped by Valdoria's Country Ceiling (VD, BB, A12). The local-currency rating (A13, BBB-) is not capped. Q6 has no JSON field in the spec, so it is answered here only.

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

The Valdoria country ceiling is BB (A12), which caps foreign-currency ratings. Valdoria Telecom's FC rating (E05, BB, A14) sits at that cap, while its LC rating (BBB-, A13) is not capped.

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

The foreign-currency rating is capped by Valdoria's Country Ceiling (BB, A12), while local-currency debt is not capped. E05's FC rating is BB (A14) at the ceiling, and its LC rating is BBB- (A13).

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

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