Q45, run 2026-11-04-2024-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 caps foreign-currency ratings, and I07 is a local-currency note rated BBB- (A45).

JSON: {"above_ceiling": "no"}

✅ D1 sql run 2 graded by code · query session

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

JSON: {"above_ceiling": "no"}

✅ D1 sql run 3 graded by code · query session

No. I07 is a local-currency note rated BBB- (A45). The BB country ceiling constrains foreign-currency ratings, and I07's rating equals E05's local-currency rating.

JSON: {"above_ceiling": "no"}

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

No. It is a local-currency obligation, so the ceiling does not cap it, and its BBB- (A45) is above the BB ceiling but not constrained by it.

JSON: {"above_ceiling": "no"}

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

No. It is local-currency debt, so the ceiling does not apply.

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.

JSON: {"above_ceiling": "no"}

✅ D4 sparql run 1 graded by code · query session

No. I07 is a local-currency obligation, so the country ceiling does not apply to it.

JSON: {"above_ceiling": "no"}

✅ D4 sparql run 2 graded by code · query session

No. I07 is rated BBB- (A45), but the BB ceiling applies to foreign-currency obligations, and this note is local-currency.

JSON: {"above_ceiling": "no"}

❌ D4 sparql run 3 graded by code · query session

Yes. I07 is BBB- against a ceiling of BB.

JSON: {"above_ceiling": "yes"}

Why: above_ceiling: expected no, got yes

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

No. I07 is local-currency debt, so it is not capped by the ceiling.

JSON: {"above_ceiling": "no"}

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

No. I07 is rated BBB- (A45), above the VD ceiling of BB. But the ceiling applies only to FC obligations, and this note is local-currency.

JSON: {"above_ceiling": "no"}

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

No. The note is local-currency, so the ceiling does not cap it. It is rated BBB- (A45) against a BB ceiling, but the ceiling does not apply.

JSON: {"above_ceiling": "no"}

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

No. I07's BBB- is a local-currency rating, and the BB ceiling applies to foreign-currency ratings.

JSON: {"above_ceiling": "no"}

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

Yes. I07 is rated BBB- (A45) and the VD ceiling is BB.

JSON: {"above_ceiling": "yes"}

Why: above_ceiling: expected no, got yes

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

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

JSON: {"above_ceiling": "no"}

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

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

JSON: {"above_ceiling": "yes"}

Why: above_ceiling: expected no, got yes

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

Yes. I07 is BBB- against a VD ceiling of BB.

JSON: {"above_ceiling": "yes"}

Why: above_ceiling: expected no, got yes

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

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

JSON: {"above_ceiling": "yes"}

Why: above_ceiling: expected no, got yes