Q6, run 2026-11-04-2024-sonnet-query

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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

The data does not state a reason. It only shows a Country Ceiling for Valdoria of BB (A12) and E05 at FC BB against LC BBB- (A13, A14), which is consistent with a ceiling effect.

Why: Identifies the BB Country Ceiling and says the FC rating is consistent with a ceiling effect, but hedges that no reason is stated and never says the ceiling caps foreign-currency ratings and not local-currency ones.

🟡 D1 sql run 2 graded by llm · query session

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

Why: Names the BB Country Ceiling as consistent with the FC rating, but hedges that no reason is stated and never says the ceiling caps foreign-currency ratings and not local-currency ones.

✅ D1 sql run 3 graded by llm · query session

E05's foreign-currency rating is BB (A14) against BBB- in local currency (A13). The BB matches the Valdoria country ceiling of BB (A12), which caps foreign-currency ratings.

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

The Country Ceiling for VD is BB (A12, from 2025-04-01) and caps foreign-currency ratings. E05's FC rating is BB (A14), and its LC rating is BBB- (A13) because local currency is not capped.

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

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

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

The data does not state a reason. It only shows E05 at BB (A14) for foreign currency and BBB- (A13) for local currency, and Valdoria's Country Ceiling at BB (A12).

Why: Mentions the Country Ceiling at BB alongside the ratings but explicitly declines to name it as the cause and does not say it caps only foreign-currency ratings.

❌ D4 sparql run 1 graded by llm · query session

Not answerable from the data. The data gives no reason. It only shows E05's local-currency rating at BBB- (A13) and its foreign-currency rating at BB (A14).

Why: Does not name the Country Ceiling (BB) as the cause or explain it caps foreign-currency ratings only; claims the question is unanswerable.

🟡 D4 sparql run 2 graded by llm · query session

The data supports this only partly. Valdoria's Country Ceiling is BB (A12), and Valdoria Telecom's foreign-currency rating is BB (A14), against a local-currency rating of BBB- (A13).

Why: Mentions the BB Country Ceiling and the FC/LC ratings but never states the ceiling caps foreign-currency ratings and not local-currency ones, nor explicitly names it as the cause.

🟡 D4 sparql run 3 graded by llm · query session

The data doesn't say why. E05 is rated BBB- local currency (A13) and BB foreign currency (A14), and Valdoria's Country Ceiling is BB (A12).

Why: Cites the BB Country Ceiling alongside the ratings but says the data doesn't explain why, never stating the ceiling is the cause or that it caps only foreign-currency ratings.

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

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

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

The data does not state a reason. It does show that E05's FC rating is BB and its LC rating BBB-. The VD Country Ceiling (A12) is BB, which fits a ceiling cap on the FC rating.

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 and not LC ratings.

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

Valdoria Telecom (E05) is rated BB on FC (A14) and BBB- on LC (A13). The Valdoria Country Ceiling is BB (A12) and caps FC ratings only. The data does not state this as the reason, so it is an inference.

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

The Valdoria ceiling is BB (from 2025-04-01), and it caps E05's foreign-currency rating at BB (A14). The local-currency rating is BBB- (A13).

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

Not asked in the JSON. The VD ceiling is BB (from 2025-04-01) and E05's FC rating is BB, while its LC rating is BBB-.

Why: Names the BB Country Ceiling as matching the FC rating, but never states that the ceiling caps foreign-currency ratings and not local-currency ones, so the causal explanation is missing.

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

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

Why: Names the BB Country Ceiling as the likely cause (point 1), but hedges and never states that the ceiling caps foreign-currency ratings and not local-currency ones (point 2).

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

The data doesn't state a reason. It shows foreign currency at BB (A14) against local currency at BBB- (A13). The Valdoria Country Ceiling is BB (A12), which matches the foreign-currency rating.

Why: Notes the BB Country Ceiling matches the foreign-currency rating but never names it as the cause and does not say the ceiling caps foreign-currency ratings only, not local-currency ones.

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

Not answerable from the data. E05 is rated BB on a foreign-currency basis (A14) and BBB- on a local-currency basis (A13), but no record gives a reason. The foreign-currency rating equals the VD ceiling (BB).

Why: Notes the foreign-currency rating equals the VD ceiling (BB) but says the cause isn't answerable and never states the ceiling caps foreign-currency but not local-currency ratings

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

Not answered (not in the JSON). The data shows E05's foreign-currency rating is BB (A14) and its local-currency rating is BBB- (A13), but it gives no reason for the gap. The country ceiling for VD (A12) is BB, which fits the foreign-currency rating, but the data does not state it as the cause.

Why: Mentions the BB country ceiling as fitting the foreign-currency rating but declines to state it as the cause and never says it caps only foreign-currency ratings.