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

← back to the run

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 data doesn't state a reason. A14 sets FC at BB, equal to the Valdoria Country Ceiling (A12, BB), while LC is BBB- (A13), which is consistent with the ceiling capping FC.

🟡 R1 csv run 2 graded by llm

The data does not state a reason. It is consistent with a country-ceiling cap: A12 sets Valdoria's CC at BB, and A14 gives E05 FC BB against LC BBB- (A13).

Why: Identifies the BB Country Ceiling as consistent with the FC rating, but hedges that no reason is stated and never says the ceiling caps FC and not LC ratings.

🟡 R1 csv run 3 graded by llm

The data gives no stated reason. It only shows E05 FC BB (A14) against LC BBB- (A13), with FC equal to Valdoria's BB country ceiling (A12).

Why: Notes FC equals Valdoria's BB country ceiling but disclaims a stated cause and never says the ceiling caps foreign-currency ratings and not local-currency ones.

✅ R1 csv run 4 graded by llm

The data does not state a reason. E05's foreign-currency rating is BB (A14), equal to Valdoria's country ceiling (VD, CC, A12), while its local-currency rating is BBB- (A13). That is consistent with the ceiling capping the foreign-currency rating.

✅ R1 csv run 5 graded by llm

Valdoria's country ceiling (A12, sovereign Country Ceiling BB) caps foreign-currency ratings at BB. E05's FC rating is BB (A14), while its LC rating is BBB- (A13).

🟡 R2 rdf run 1 graded by llm

The data does not state a reason. E05 has a foreign-currency (FC) rating of BB (A14) and a local-currency (LC) rating of BBB- (A13). Valdoria's country ceiling is BB (A12), which is a likely explanation but is not stated.

Why: Identifies the BB Country Ceiling as a likely cause but hedges that it is not stated, and does not say the ceiling caps foreign-currency but not local-currency ratings.

🟡 R2 rdf run 2 graded by llm

The data doesn't state a reason. E05 was assigned LC BBB- (A13) and FC BB (A14) on the same day, and VD's Country Ceiling record is BB (A12). That is consistent with the FC rating being capped at the ceiling, but this is inferred.

Why: Links the FC rating to the BB Country Ceiling but only as an inferred possibility, and never says the ceiling caps FC and not LC ratings.

✅ R2 rdf run 3 graded by llm

The data does not state a reason. It shows only A14 (foreign-currency BB) and A13 (local-currency BBB-), and the Valdoria country ceiling in A12 is BB. That fits a ceiling cap on foreign-currency ratings, but this is an inference.

🟡 R2 rdf run 4 graded by llm

The data does not state a reason. It is consistent with a Country Ceiling: A12 sets Valdoria's CC at BB, which matches E05's FC rating of BB (A14), while the LC rating is BBB- (A13).

Why: Identifies Country Ceiling (BB) matching the FC rating and the LC rating being higher, but hedges that the data doesn't state the reason and never says the ceiling caps FC and not LC ratings.

✅ R2 rdf run 5 graded by llm

The data does not state a reason. VD's Country Ceiling is BB (A12), and E05's foreign-currency rating is BB (A14) against local-currency BBB- (A13). That is consistent with the foreign-currency rating being capped at the ceiling.

✅ R6 rdf+ontology run 1 graded by llm

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

🟡 R6 rdf+ontology run 2 graded by llm

The foreign-currency rating is capped by Valdoria's Country Ceiling. E05's FC rating is BB (A14) and its LC rating is BBB- (A13), and the ceiling on VD (A12) is BB.

Why: Names the Country Ceiling (BB) as the cause, but never says it caps foreign-currency ratings and not local-currency ones; the LC rating exceeding the ceiling is only implied.

✅ R6 rdf+ontology run 3 graded by llm

Valdoria Telecom (E05, domiciled in VD) has a foreign-currency rating of BB (A14) against a local-currency rating of BBB- (A13). Foreign-currency ratings are capped by the Valdoria Country Ceiling of BB (A12). Local-currency ratings are not capped.

✅ R6 rdf+ontology run 4 graded by llm

Valdoria Telecom's foreign-currency rating is BB (A14), capped at Valdoria's Country Ceiling of BB (A12). Its local-currency rating is BBB- (A13), which the ceiling does not cap.

✅ R6 rdf+ontology run 5 graded by llm

E05's foreign-currency rating is BB (A14) and its local-currency rating is BBB- (A13). The foreign-currency rating is held down by Valdoria's Country Ceiling of BB (A12); the local-currency rating is not capped.

✅ R5 csv+ontology run 1 graded by llm

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

✅ R5 csv+ontology run 2 graded by llm

Valdoria's Country Ceiling is BB (A12), and it caps foreign-currency ratings, so E05's FC rating is BB (A14). Its local-currency rating is not capped and is BBB- (A13).

✅ R5 csv+ontology run 3 graded by llm

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

✅ R5 csv+ontology run 4 graded by llm

The Country Ceiling for VD is BB (A12) and caps foreign-currency ratings. E05's FC rating is BB (A14) and its LC rating is BBB- (A13); local-currency ratings are not capped.

✅ R5 csv+ontology run 5 graded by llm

The Country Ceiling for Valdoria (VD) is BB (A12) and caps foreign-currency ratings, so E05's FC rating is BB (A14). Its local-currency rating is not capped and sits at BBB- (A13). No JSON field for this question.

✅ R4 csv+markdown run 1 graded by llm

The Country Ceiling for VD (A12) is BB. It caps E05's foreign-currency rating (A14, BB), while the local-currency rating (A13, BBB-) is not capped.

✅ R4 csv+markdown run 2 graded by llm

The Country Ceiling for VD (A12) is BB. That caps E05's foreign-currency rating (A14, BB) but not its local-currency rating (A13, BBB-).

✅ R4 csv+markdown run 3 graded by llm

The Country Ceiling caps it. A12 sets the Valdoria ceiling at BB, so E05's foreign-currency rating is BB (A14), while its uncapped local-currency rating is BBB- (A13).

✅ R4 csv+markdown run 4 graded by llm

Valdoria's Country Ceiling (A12) is BB. It caps E05's foreign-currency rating at BB (A14), while the local-currency rating (A13) is BBB- because it isn't capped.

✅ R4 csv+markdown run 5 graded by llm

Valdoria's Country Ceiling (A12) is BB, and it caps FC ratings only. E05's FC rating is BB (A14) and its LC rating is BBB- (A13).

🟡 R3 csv+padding run 1 graded by llm

The data doesn't state the reason. E05's FC rating is BB (A14) and its LC rating is BBB- (A13). The FC rating equals the Valdoria country ceiling of BB (VD, A12), which is consistent with the FC rating being capped by the ceiling.

Why: Identifies the BB country ceiling as matching the FC rating and consistent with capping, but hedges that the cause isn't stated and never says the ceiling applies to FC and not LC.

🟡 R3 csv+padding run 2 graded by llm

Likely the sovereign Country Ceiling. VD's CC is BB (A12), and E05's foreign-currency rating is BB (A14) while its local-currency rating is BBB- (A13). The data does not state the rule explicitly, so this is an inference.

Why: Names the BB Country Ceiling as the cause, but never says the ceiling caps foreign-currency and not local-currency ratings. It only implies this through the ratings and says the rule is an unstated inference.

✅ R3 csv+padding run 3 graded by llm

The data does not state a reason. Valdoria's country ceiling is BB (A12) and E05's foreign-currency rating is BB (A14), while its local-currency rating is BBB- (A13), which is consistent with the ceiling capping the foreign-currency rating.

✅ R3 csv+padding run 4 graded by llm

Not stated in the data directly. The most consistent reading is that VD's Country Ceiling is BB (A12) and caps E05's foreign-currency rating (A14, BB), while the local-currency rating (A13, BBB-) is not capped.

✅ R3 csv+padding run 5 graded by llm

Valdoria's Country Ceiling is BB (A12), which caps E05's foreign-currency rating at BB (A14). Its local-currency rating is BBB- (A13).

🟡 R10 executed run 1 graded by llm

The data does not state a reason. The likely cause is the VD country ceiling of BB (ceilings.csv), which matches E05's FC rating (A14) and sits below its LC rating of BBB- (A13). That is an inference from the ceiling, not something the data states outright.

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

🟡 R10 executed run 2 graded by llm

The data doesn't state a reason. It shows E05 at BB foreign-currency and BBB- local-currency (A14, A13), and Valdoria's country ceiling is BB (ceilings.csv). That is consistent with the ceiling capping the FC rating, but the data doesn't say so explicitly.

Why: Identifies the BB country ceiling and the FC/LC rating gap as consistent, but hedges that the data doesn't state it and doesn't clearly say the ceiling caps FC and not LC ratings.

🟡 R10 executed run 3 graded by llm

The data doesn't state a reason. It does show a Valdoria ceiling of BB from 2025-04-01. E05's foreign-currency rating is BB (A14), which sits at that ceiling, while its local-currency rating is BBB- (A13).

Why: Mentions the BB Valdoria ceiling and that FC rating sits at it, but says the data doesn't state a reason and never explicitly says the ceiling caps foreign-currency but not local-currency ratings.

✅ R10 executed run 4 graded by llm

Not stated outright, but the data is consistent with the country ceiling. Valdoria's ceiling is BB (VD, from 2025-04-01), and E05's foreign-currency rating is BB (A14). Its local-currency rating is BBB- (A13), which suggests the ceiling caps only foreign currency.

🟡 R10 executed run 5 graded by llm

The data points to the Country Ceiling. VD's ceiling is BB, and E05's foreign-currency rating is BB (A14) while its local-currency rating is BBB- (A13). The data does not state the rule outright.

Why: Names the Country Ceiling (BB) as the cause, but explicitly does not state that the ceiling caps foreign-currency and not local-currency ratings.

✅ R7 csv+neutral run 1 graded by llm

The Country Ceiling for Valdoria (VD) is BB (A12). It caps the foreign-currency rating at BB (A14), while the local-currency rating of BBB- (A13) is not capped.

✅ R7 csv+neutral run 2 graded by llm

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

✅ R7 csv+neutral run 3 graded by llm

The Valdoria Country Ceiling is BB (A12) and caps foreign-currency ratings. E05's foreign-currency rating is therefore BB (A14), while its local-currency rating, which is uncapped, is BBB- (A13).

✅ R7 csv+neutral run 4 graded by llm

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

✅ R7 csv+neutral run 5 graded by llm

The foreign-currency rating is capped by Valdoria's Country Ceiling of BB (A12). Valdoria Telecom's FC rating is BB (A14), while its local-currency rating, which is not capped, is BBB- (A13).

🟡 R8 csv+axioms run 1 graded by llm

The data doesn't state a reason. It shows only E05's foreign-currency BB (A14) against its local-currency BBB- (A13), with the Valdoria Country Ceiling at BB (A12), so the foreign-currency rating matches the ceiling.

Why: Notes the FC rating equals the BB Country Ceiling but disclaims a stated cause and never says the ceiling caps foreign-currency and not local-currency ratings.

✅ R8 csv+axioms run 2 graded by llm

The Valdoria country ceiling caps it. The sovereign's ceiling is BB (A12) and the foreign-currency rating is BB (A14). The local-currency rating of BBB- (A13) is not subject to that cap.

🟡 R8 csv+axioms run 3 graded by llm

The data does not state a reason. It is consistent with the Country Ceiling: VD's ceiling is BB (A12), which matches E05's FC rating of BB (A14), while the LC rating is BBB- (A13).

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

✅ R8 csv+axioms run 4 graded by llm

The foreign-currency rating is capped by the Country Ceiling. A12 sets Valdoria's ceiling at BB, so A14 (FC) is BB, while the local-currency rating in A13 (BBB-) is not capped.

✅ R8 csv+axioms run 5 graded by llm

The Country Ceiling for VD is BB (A12), and E05's FC rating is capped there (A14). The LC rating is BBB- (A13), which the ceiling does not constrain.

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

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

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

Not a JSON field. The FC rating is BB (A14) because it is capped by Valdoria's Country Ceiling of BB (A12). The LC rating (A13) is BBB- and is not capped.

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

Valdoria Telecom (E05) is domiciled in VD, and its foreign-currency rating is capped at the Country Ceiling of BB (A12, A14). Its local-currency rating is not capped, so it sits higher at BBB- (A13).

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

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

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

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