Q45, run 2026-11-04-2022-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. The ceiling applies to foreign-currency obligations, and I07 is a local-currency note rated BBB- (A45).

JSON: {"above_ceiling": "no"}

✅ R1 csv run 2 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R1 csv run 3 graded by code

No. I07 is BBB- (A45), but the BB ceiling constrains FC obligations and I07 is LC.

JSON: {"above_ceiling": "no"}

✅ R1 csv run 4 graded by code

No. I07 is rated BBB- (A45) against a BB ceiling, but a Country Ceiling constrains foreign-currency obligations, not local-currency ones.

JSON: {"above_ceiling": "no"}

✅ R1 csv run 5 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 1 graded by code

No. Local-currency debt is not capped by the Country Ceiling.

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 2 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 3 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 4 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R4 csv+markdown run 5 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R10 executed run 1 graded by code

No. I07's BBB- exceeds Valdoria's BB ceiling, but that ceiling applies to foreign-currency obligations and I07 is local-currency.

JSON: {"above_ceiling": "no"}

✅ R10 executed run 2 graded by code

No. I07 is rated BBB- (A45), above the VD ceiling of BB. But the ceiling constrains foreign-currency ratings and I07 is a local-currency note, so it is not capped.

JSON: {"above_ceiling": "no"}

✅ R10 executed run 3 graded by code

No. I07 is rated BBB- (A45), but it is a local-currency obligation, and the VD ceiling of BB applies to foreign-currency ratings.

JSON: {"above_ceiling": "no"}

✅ R10 executed run 4 graded by code

No. I07 is BBB- (A45), but the VD ceiling of BB limits foreign-currency ratings, and I07 is a local-currency note.

JSON: {"above_ceiling": "no"}

✅ R10 executed run 5 graded by code

No. I07 is a local-currency note, and the VD ceiling of BB applies to foreign-currency ratings. It is rated BBB-, matching E05's local-currency rating.

JSON: {"above_ceiling": "no"}

✅ R8 csv+axioms run 1 graded by code

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

JSON: {"above_ceiling": "no"}

✅ R8 csv+axioms run 2 graded by code

No. The ceiling applies to foreign-currency ratings, and I07 is local-currency, so its BBB- (A45) is not capped by the BB ceiling.

JSON: {"above_ceiling": "no"}

✅ R8 csv+axioms run 3 graded by code

No. The ceiling applies to foreign-currency ratings, and this note is local-currency at BBB- (A45).

JSON: {"above_ceiling": "no"}

✅ R8 csv+axioms run 4 graded by code

No. I07 is a local-currency note, and the ceiling (A12, BB) applies only to foreign-currency LTIDRs. Its BBB- (A45) is therefore not constrained.

JSON: {"above_ceiling": "no"}

✅ R8 csv+axioms run 5 graded by code

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

JSON: {"above_ceiling": "no"}