Q45, run 2026-11-05-2135-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. I07 is a local-currency instrument, and the ceiling applies to FC ratings.

JSON: {"above_ceiling": "no"}

✅ R1 csv run 2 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R1 csv run 3 graded by code

No. I07 is BBB- (A45) and the BB ceiling constrains foreign-currency ratings, which I07 is not.

JSON: {"above_ceiling": "no"}

✅ R1 csv run 4 graded by code

No. The BB ceiling constrains foreign-currency ratings, and I07 is a local-currency obligation, so its BBB- is not capped by it.

JSON: {"above_ceiling": "no"}

✅ R1 csv run 5 graded by code

No. The ceiling limits foreign-currency ratings, and I07 is a local-currency instrument. It is not above the ceiling.

JSON: {"above_ceiling": "no"}

✅ R2 rdf run 1 graded by code

No. It is a local-currency note, so the foreign-currency ceiling of BB does not apply.

JSON: {"above_ceiling": "no"}

✅ R2 rdf run 2 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R2 rdf run 3 graded by code

No. I07 is rated BBB- (A45), but a country ceiling caps foreign-currency obligations and this note is in local currency.

JSON: {"above_ceiling": "no"}

✅ R2 rdf run 4 graded by code

No. The BB ceiling caps foreign-currency ratings and does not apply to this local-currency note rated BBB- (A45).

JSON: {"above_ceiling": "no"}

✅ R2 rdf run 5 graded by code

No. I07's rating is BBB- (A45). The BB ceiling applies to foreign-currency ratings, not to a local-currency note.

JSON: {"above_ceiling": "no"}

✅ R6 rdf+ontology run 1 graded by code

No. The ceiling does not apply to local-currency debt, and the note is rated BBB- (A45).

JSON: {"above_ceiling": "no"}

✅ R6 rdf+ontology run 2 graded by code

No. Local-currency debt is not capped by the ceiling. I07 is rated BBB- (A45), above the BB ceiling, which is allowed.

JSON: {"above_ceiling": "no"}

✅ R6 rdf+ontology run 3 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R6 rdf+ontology run 4 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R6 rdf+ontology run 5 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 1 graded by code

No. The ceiling applies only to foreign-currency debt, and I07 is local-currency.

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 2 graded by code

No. The Country Ceiling does not cap local-currency debt.

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 3 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 4 graded by code

No. I07 is local-currency debt, so the ceiling does not apply, and its BBB- rating (A45) is not capped.

JSON: {"above_ceiling": "no"}

✅ R5 csv+ontology run 5 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 1 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 2 graded by code

No. The note is local-currency, so the foreign-currency ceiling does not apply. Its BBB- rating (A45) is above the BB ceiling but is not capped by it.

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 3 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 4 graded by code

No. I07 is BBB- (A45) against a BB ceiling, but it is local-currency debt and the ceiling doesn't cap it.

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 5 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R3 csv+padding run 1 graded by code

No. The ceiling limits FC ratings, and this note is an LC obligation (A45 BBB-).

JSON: {"above_ceiling": "no"}

✅ R3 csv+padding run 2 graded by code

No. The BB ceiling constrains foreign-currency ratings, and I07 appears to be a local-currency obligation.

JSON: {"above_ceiling": "no"}

✅ R3 csv+padding run 3 graded by code

No. The ceiling caps foreign-currency ratings, and I07 is local-currency at BBB- (A45).

JSON: {"above_ceiling": "no"}

✅ R3 csv+padding run 4 graded by code

No. The Country Ceiling (A12, BB) limits foreign-currency ratings, and I07 is a local-currency note rated BBB-.

JSON: {"above_ceiling": "no"}

✅ R3 csv+padding run 5 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R10 executed run 1 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R10 executed run 2 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R10 executed run 3 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 4 graded by code

No. I07 is rated BBB-, above the BB ceiling numerically, but the ceiling constrains foreign-currency obligations, and I07 is local-currency.

JSON: {"above_ceiling": "no"}

✅ R10 executed run 5 graded by code

No. The VD ceiling is BB, but I07 is a local-currency note rated BBB- (A45). The ceiling appears to apply only to foreign-currency ratings, as E05's own LC rating is also BBB-.

JSON: {"above_ceiling": "no"}

✅ R7 csv+neutral run 1 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R7 csv+neutral run 2 graded by code

No. The Country Ceiling applies only to foreign-currency debt, and I07 is local-currency, so it is not capped.

JSON: {"above_ceiling": "no"}

✅ R7 csv+neutral run 3 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R7 csv+neutral run 4 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R7 csv+neutral run 5 graded by code

No. It is local-currency debt, and the ceiling does not cap it. Its rating is BBB- (A45).

JSON: {"above_ceiling": "no"}

✅ R8 csv+axioms run 1 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R8 csv+axioms run 2 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R8 csv+axioms run 3 graded by code

No. I07 is rated BBB- (A45), but the ceiling constrains only FC ratings and I07 is a local-currency note.

JSON: {"above_ceiling": "no"}

✅ R8 csv+axioms run 4 graded by code

No. The ceiling caps foreign-currency issuer ratings. I07 is a local-currency note rated BBB- (A45), so the BB ceiling does not apply to it.

JSON: {"above_ceiling": "no"}

✅ R8 csv+axioms run 5 graded by code

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

JSON: {"above_ceiling": "no"}

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

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

JSON: {"above_ceiling": "no"}

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

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

JSON: {"above_ceiling": "no"}

✅ R9 csv+axioms+markdown run 3 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"}

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

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

JSON: {"above_ceiling": "no"}

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

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

JSON: {"above_ceiling": "no"}