Q6, run 2026-11-06-0041-sonnet-query

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.

✅ D1 sql run 1 graded by llm · query session

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

🟡 D1 sql run 2 graded by llm · query session

The data does not state a reason. It shows FC BB (A14) against LC BBB- (A13), and the Valdoria Country Ceiling is BB (A12), which fits a ceiling effect on the foreign-currency rating, but that is an inference.

Why: Names the BB Country Ceiling as the likely cause but hedges it as inference, and never states that the ceiling caps foreign-currency ratings and not local-currency ones.

✅ D1 sql run 3 graded by llm · query session

Valdoria's Country Ceiling (A12) is BB. The foreign-currency rating is capped at BB (A14), while the local-currency rating is BBB- (A13).

✅ D1 sql run 4 graded by llm · query session

Valdoria Telecom's foreign-currency rating is BB (A14) and its local-currency rating is BBB- (A13). The BB equals Valdoria's Country Ceiling (A12), which caps the foreign-currency rating.

🟡 D1 sql run 5 graded by llm · query session

The data does not state a reason. Valdoria's Country Ceiling is BB (A12), which matches E05's foreign-currency rating of BB (A14), while the local-currency rating is BBB- (A13).

Why: Identifies the BB Country Ceiling matching the foreign-currency rating, but says no reason is stated and never states that the ceiling caps foreign-currency but not local-currency ratings.

🟡 D2 sql+markdown run 1 graded by llm · query session

The data does not state the reason. E05's FC rating is BB and its LC rating is BBB- (A14, A13). The VD Country Ceiling is BB (A12), which fits a ceiling cap on FC ratings, but no comment says so.

Why: Identifies the BB Country Ceiling as consistent with the FC rating, but hedges that the cause isn't stated and doesn't affirm that the ceiling caps FC and not LC ratings.

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

Valdoria's Country Ceiling is BB (A12), and it caps the FC rating (A14, BB). The LC rating (A13, BBB-) is not capped.

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

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

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

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

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

The Country Ceiling for VD 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.

✅ D4 sparql run 1 graded by llm · query session

The data doesn't state a reason. Valdoria's Country Ceiling (A12) is BB, which equals E05's foreign-currency rating (A14), while the local-currency rating is BBB- (A13). That suggests the ceiling caps the foreign-currency rating.

🟡 D4 sparql run 2 graded by llm · query session

Not enough in the data to say why. It does show Valdoria's Country Ceiling is BB (A12), the same as the FC rating of BB (A14), against LC of BBB- (A13). That fits the foreign-currency rating being capped at the ceiling, but no record states it as the reason.

Why: Identifies the BB Country Ceiling and says it fits capping the FC rating, but hedges that no record states it as the cause and does not explicitly say the ceiling doesn't cap local-currency ratings.

❌ D4 sparql run 3 graded by llm · query session

Not answered. The data does not state a reason, only the ratings.

Why: Answer declines to give a reason; it names neither the BB Country Ceiling nor its foreign-currency-only cap.

🟡 D4 sparql run 4 graded by llm · query session

Valdoria's foreign-currency rating is BB (A14) and its local-currency rating is BBB- (A13). The data gives no stated reason; the likely cause is the Valdoria country ceiling, which looks like BB (A12), but A12's rating type and basis are not shown.

Why: Points to the Valdoria ceiling (BB) as the likely cause, but hedges and never states that the ceiling caps foreign-currency ratings and not local-currency ones.

🟡 D4 sparql run 5 graded by llm · query session

The data does not state a reason. Valdoria Telecom's foreign-currency rating is BB (A14) and its local-currency rating is BBB- (A13). The Valdoria country ceiling of BB (A12) is consistent with the foreign-currency cap.

Why: Mentions the BB country ceiling as consistent with the foreign-currency cap but says no reason is stated, and doesn't state that the ceiling caps foreign- and not local-currency ratings.

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

Not in the JSON. VD's Country Ceiling is BB (A12) and caps E05's foreign-currency rating at BB. Its local-currency rating (A13) is BBB- and is not capped.

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

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

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

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

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

The data doesn't state a reason, but the likely cause is the Country Ceiling. VD's ceiling is BB (A12). E05's FC rating is BB (A14), while its LC rating is BBB- (A13), which is not capped.

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

Not a field question, but from the data: Valdoria's Country Ceiling (A12) is BB. That caps Valdoria Telecom's foreign-currency rating (A14) at BB, while its local-currency rating (A13) is BBB- and is not capped.

🟡 D3 sql+executed run 1 graded by llm · query session

The data doesn't state a reason. The likely cause is the VD Country Ceiling of BB (from 2025-04-01). E05's foreign-currency rating is BB (A14), while its local-currency rating is BBB- (A13).

Why: Names the BB Country Ceiling as the likely cause, but hedges and never says the ceiling caps foreign-currency ratings and not local-currency ones.

🟡 D3 sql+executed run 2 graded by llm · query session

Not in the structured answer. The data does not state a reason for the gap. It only shows E05's foreign-currency BB (A14) against its local-currency BBB- (A13), and the Valdoria ceiling of BB.

Why: Mentions the Valdoria BB ceiling but explicitly says no reason is stated, so it doesn't name the ceiling as the cause or explain that it caps foreign-currency but not local-currency ratings

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

Valdoria's Country Ceiling of BB (VD, from 2025-04-01) caps the foreign-currency rating. E05's FC rating is BB (A14) and its LC rating is BBB- (A13).

🟡 D3 sql+executed run 4 graded by llm · query session

Not asked in the JSON. The data shows Valdoria Telecom (E05) at BB foreign-currency and BBB- local-currency, and Valdoria's ceiling is BB. The data does not state the reason explicitly.

Why: Mentions Valdoria's BB ceiling alongside the BB foreign-currency rating, but never names it as the cause and does not say it caps foreign-currency but not local-currency ratings; it explicitly says the reason isn't stated.

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

Not in the JSON. The Valdoria country ceiling is BB (from 2025-04-01), which caps E05's foreign-currency rating at BB (A14). The local-currency rating is BBB- (A13).

🟡 D6 sparql+axioms run 1 graded by llm · query session

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

Why: Names the BB Country Ceiling as the cause and says it caps foreign-currency ratings, but never states that local-currency ratings are not capped (the local rating of BBB- sits above the ceiling only implicitly).

🟡 D6 sparql+axioms run 2 graded by llm · query session

Valdoria's Country Ceiling is BB (A12). Its foreign-currency rating is therefore BB (A14), below its local-currency rating of BBB- (A13).

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

🟡 D6 sparql+axioms run 3 graded by llm · query session

The data doesn't state a cause. Valdoria's foreign-currency rating is BB (A14) against local-currency BBB- (A13), and the Valdoria Country Ceiling (A12) is BB, which fits a ceiling cap.

Why: Identifies the BB Country Ceiling as consistent with the FC rating, but hedges that the cause isn't stated and never says the ceiling caps foreign-currency but not local-currency ratings.

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

Valdoria's foreign-currency rating is BB (A14) against BBB- local-currency (A13). The Country Ceiling for VD is BB (A12), which caps foreign-currency ratings but not local-currency ones.

✅ D6 sparql+axioms run 5 graded by llm · query session

The Country Ceiling for Valdoria (VD) is BB (A12). The foreign-currency rating, BB (A14), is capped there, while the local-currency rating is BBB- (A13). This is my inference from the ceiling record, since no record states the reason.