Q45, run 2026-11-05-1515-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; its BBB- (A45) is above the BB ceiling but the ceiling does not apply to it.

JSON: {"above_ceiling": "no"}

❌ D1 sql run 2 graded by code · query session

Yes. I07 is rated BBB- (A45), above the 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 BB ceiling (A12) applies to foreign currency, and I07 is a local-currency obligation rated BBB- (A45).

JSON: {"above_ceiling": "no"}

❌ D1 sql run 4 graded by code · query session

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

JSON: {"above_ceiling": "yes"}

Why: above_ceiling: expected no, got yes

✅ D1 sql run 5 graded by code · query session

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

JSON: {"above_ceiling": "no"}

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

No. Local-currency debt is not capped by the ceiling.

JSON: {"above_ceiling": "no"}

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

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

JSON: {"above_ceiling": "no"}

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

No. The ceiling does not apply to local-currency debt; I07 is rated BBB- against a ceiling of BB.

JSON: {"above_ceiling": "no"}

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

No. I07 is rated BBB- (A45) against a ceiling of BB, but local-currency debt is not capped by the ceiling.

JSON: {"above_ceiling": "no"}

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

No. It is local-currency debt, so the ceiling does not apply. It is rated BBB- (A45).

JSON: {"above_ceiling": "no"}

❌ D4 sparql run 1 graded by code · query session

Yes. I07 is rated BBB- (A45) against a BB ceiling for VD (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.

JSON: {"above_ceiling": "yes"}

Why: above_ceiling: expected no, got yes

✅ D4 sparql run 3 graded by code · query session

No. I07 is BBB- (A10) and the ceiling is BBB- (A12), so it is at the ceiling, not above it.

JSON: {"above_ceiling": "no"}

❌ D4 sparql run 4 graded by code · query session

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

JSON: {"above_ceiling": "yes"}

Why: above_ceiling: expected no, got yes

❌ D4 sparql run 5 graded by code · query session

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

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, so the BB ceiling does not apply to it.

JSON: {"above_ceiling": "no"}

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

No. I07 is rated BBB-, above the BB ceiling, but it is local-currency debt and so is not capped.

JSON: {"above_ceiling": "no"}

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

No. I07 is rated BBB-, above the BB ceiling, but a local-currency note is not capped.

JSON: {"above_ceiling": "no"}

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

No. The note (I07) is local-currency, so the ceiling does not cap it.

JSON: {"above_ceiling": "no"}

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

Yes. I07 is rated BBB- while the VD ceiling is BB, though local-currency debt is not capped by the ceiling.

JSON: {"above_ceiling": "yes"}

Why: above_ceiling: expected no, got yes

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

No. I07 is a local-currency obligation, so the FC ceiling doesn't apply to it. Its BBB- is also above the BB ceiling (A45).

JSON: {"above_ceiling": "no"}

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

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

JSON: {"above_ceiling": "yes"}

Why: above_ceiling: expected no, got yes

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

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

JSON: {"above_ceiling": "no"}

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

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

JSON: {"above_ceiling": "no"}

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

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

JSON: {"above_ceiling": "yes"}

Why: above_ceiling: expected no, got yes

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

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

JSON: {"above_ceiling": "no"}

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

No. It is rated BBB-, above the BB ceiling, but the note is local-currency (XVD) and the ceiling applies to foreign-currency obligations.

JSON: {"above_ceiling": "no"}

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

No. A local-currency note is not capped by the ceiling.

JSON: {"above_ceiling": "no"}

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

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

JSON: {"above_ceiling": "no"}

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

No. I07 is a local-currency note, and the ceiling applies to foreign-currency ratings.

JSON: {"above_ceiling": "no"}