Q45, run 2026-11-06-0041-sonnet-query

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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

✅ D1 sql run 1 graded by code · query session

No. The ceiling limits foreign-currency ratings, and I07 is a local-currency note. It is rated BBB-, above the BB ceiling, but that ceiling doesn't apply to it.

JSON: {"above_ceiling": "no"}

❌ D1 sql run 2 graded by code · query session

Yes. I07 is rated BBB- (A45) against a Valdoria ceiling of BB (A12).

JSON: {"above_ceiling": "yes"}

Why: above_ceiling: expected no, got yes

✅ D1 sql run 3 graded by code · query session

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

JSON: {"above_ceiling": "no"}

❌ D1 sql run 4 graded by code · query session

Yes. I07 is rated BBB- (A45), above the BB ceiling (A12).

JSON: {"above_ceiling": "yes"}

Why: above_ceiling: expected no, got yes

✅ D1 sql run 5 graded by code · query session

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

JSON: {"above_ceiling": "no"}

✅ D2 sql+markdown run 1 graded by code · query session

No. I07 is rated BBB- and is local-currency debt, so the BB ceiling does not apply.

JSON: {"above_ceiling": "no"}

✅ D2 sql+markdown run 2 graded by code · query session

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

JSON: {"above_ceiling": "no"}

✅ D2 sql+markdown run 3 graded by code · query session

No. It is local-currency debt, so the ceiling does not cap it; it is rated BBB- (A45) in any case.

JSON: {"above_ceiling": "no"}

✅ D2 sql+markdown run 4 graded by code · query session

No. The ceiling applies only to foreign-currency debt, and I07 is local-currency, so its BBB- (A45) is not capped.

JSON: {"above_ceiling": "no"}

✅ D2 sql+markdown run 5 graded by code · query session

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

JSON: {"above_ceiling": "no"}

❌ D4 sparql run 1 graded by code · query session

Yes. I07 is rated BBB- (A45), above the BB ceiling (A12).

JSON: {"above_ceiling": "yes"}

Why: above_ceiling: expected no, got yes

❌ D4 sparql run 2 graded by code · query session

Yes. I07 is rated BBB- (A45) against a Valdoria ceiling of BB (A12).

JSON: {"above_ceiling": "yes"}

Why: above_ceiling: expected no, got yes

❌ D4 sparql run 3 graded by code · query session

Yes. I07 is rated BBB- (A45), above VD's BB ceiling (A12).

JSON: {"above_ceiling": "yes"}

Why: above_ceiling: expected no, got yes

✅ D4 sparql run 4 graded by code · query session

No. The note's BBB- is a local-currency rating, and the ceiling (BB) constrains foreign-currency ratings.

JSON: {"above_ceiling": "no"}

❌ D4 sparql run 5 graded by code · query session

Yes. The note is rated BBB- (A45), above the BB ceiling (A12).

JSON: {"above_ceiling": "yes"}

Why: above_ceiling: expected no, got yes

✅ D5 sparql+ontology run 1 graded by code · query session

No. It is BBB- against a BB ceiling, but the ceiling does not apply to local-currency debt.

JSON: {"above_ceiling": "no"}

✅ D5 sparql+ontology run 2 graded by code · query session

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

JSON: {"above_ceiling": "no"}

✅ D5 sparql+ontology run 3 graded by code · query session

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

JSON: {"above_ceiling": "no"}

✅ D5 sparql+ontology run 4 graded by code · query session

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

JSON: {"above_ceiling": "no"}

✅ D5 sparql+ontology run 5 graded by code · query session

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

JSON: {"above_ceiling": "no"}

✅ D3 sql+executed run 1 graded by code · query session

No. I07 is rated BBB-, and the BB ceiling applies to foreign-currency ratings, not to a local-currency note.

JSON: {"above_ceiling": "no"}

✅ D3 sql+executed run 2 graded by code · query session

No. I07 is rated BBB- (A45), above Valdoria's BB ceiling, but the ceiling caps foreign-currency ratings and I07 is a local-currency note.

JSON: {"above_ceiling": "no"}

✅ D3 sql+executed run 3 graded by code · query session

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

JSON: {"above_ceiling": "no"}

✅ D3 sql+executed run 4 graded by code · query session

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

JSON: {"above_ceiling": "no"}

✅ D3 sql+executed run 5 graded by code · query session

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

JSON: {"above_ceiling": "no"}

❌ D6 sparql+axioms run 1 graded by code · query session

Yes. I07 is rated BBB- (A45), above the BB ceiling for Valdoria.

JSON: {"above_ceiling": "yes"}

Why: above_ceiling: expected no, got yes

✅ D6 sparql+axioms run 2 graded by code · query session

No. I07 is a local-currency note, and the Country Ceiling constrains foreign-currency ratings. Its BBB- rating (A45) would sit above the BB ceiling only if the ceiling applied to it.

JSON: {"above_ceiling": "no"}

❌ D6 sparql+axioms run 3 graded by code · query session

Yes. I07 is rated BBB- (A45) against a Valdoria ceiling of BB (A12).

JSON: {"above_ceiling": "yes"}

Why: above_ceiling: expected no, got yes

✅ D6 sparql+axioms run 4 graded by code · query session

No. The note is local-currency (BBB-), and the ceiling (BB) applies only to foreign-currency ratings.

JSON: {"above_ceiling": "no"}

❌ D6 sparql+axioms run 5 graded by code · query session

Yes. I07 is rated BBB-, above the BB ceiling.

JSON: {"above_ceiling": "yes"}

Why: above_ceiling: expected no, got yes