Q6, run 2026-11-05-1515-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 shows E05's foreign-currency rating at BB (A14) against a local-currency rating of BBB- (A13), and the Valdoria Country Ceiling (VD, A12) is BB, which equals the foreign-currency rating.

Why: Notes the BB ceiling equals the foreign-currency rating, but doesn't assert it as the cause or say the ceiling caps foreign-currency and not local-currency ratings.

🟡 D1 sql run 2 graded by llm · query session

The data does not say why. It shows only FC BB (A14) against LC BBB- (A13), and the Republic of Valdoria's Country Ceiling is BB (A12).

Why: Cites the BB Country Ceiling alongside FC BB vs LC BBB-, but disclaims causation and never states that the ceiling caps foreign-currency ratings and not local-currency ones.

🟡 D1 sql run 3 graded by llm · query session

The data doesn't state a reason. E05's foreign-currency rating is BB (A14) and its local-currency rating is BBB- (A13). The country ceiling for VD is BB (A12), which is consistent with the gap, but no record says it is the cause.

Why: Mentions the BB country ceiling as consistent with the gap but explicitly declines to name it as the cause, and never says the ceiling caps foreign-currency but not local-currency ratings.

❌ D1 sql run 4 graded by llm · query session

(no answer found)

Why: No answer was provided, so neither checklist point is met.

✅ D1 sql run 5 graded by llm · query session

Not in the JSON. Valdoria's Country Ceiling (VD CC, A12) is BB, which caps the foreign-currency rating (A14: BB) below the local-currency rating (A13: BBB-).

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

Valdoria Telecom's FC rating is BB against BBB- for LC (A14, A13). The FC rating is held to Valdoria's Country Ceiling of BB (A12), and LC ratings are not capped.

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

The data gives no stated reason, but it is consistent with the Country Ceiling. VD's ceiling is BB (A12), and E05's FC rating is BB (A14), against LC at BBB- (A13).

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

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

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

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

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

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

The data doesn't state a reason. It is consistent with VD's Country Ceiling of BB (A12) capping the foreign-currency rating at BB (A14), while the local-currency rating of BBB- (A13) is not capped.

✅ D4 sparql run 1 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 is BBB- (A13).

🟡 D4 sparql run 2 graded by llm · query session

The data does not state a reason. It does show Valdoria's country ceiling (A12 on VD) at BB, equal to E05's FC rating.

Why: Identifies the BB country ceiling matching the FC rating but disclaims a reason and never states that the ceiling caps foreign-currency and not local-currency ratings.

❌ D4 sparql run 3 graded by llm · query session

The data gives no reason. It shows FC BB and LC BBB- (A13, A14) and a Country Ceiling of BBB- (A12), with no comment.

Why: It says no reason is given and does not name the Country Ceiling as the cause or say it caps only foreign-currency ratings; it also gives the ceiling as BBB- rather than BB.

🟡 D4 sparql run 4 graded by llm · query session

The data does not say why. It shows only the two ratings: FC BB (A14) and LC BBB- (A13), with a Valdoria country ceiling of BB (A12).

Why: Mentions the BB country ceiling but explicitly denies it as the cause and never says it caps only foreign-currency ratings.

🟡 D4 sparql run 5 graded by llm · query session

The data doesn't state a reason. It only shows E05 at BBB- on a local-currency basis (A13) and BB on a foreign-currency basis (A14), with a BB Country Ceiling (A12).

Why: Mentions the BB Country Ceiling alongside the ratings but does not name it as the cause or say it caps foreign-currency and not local-currency ratings.

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

Not asked in the JSON. Valdoria's Country Ceiling is BB (VD, 2025-04-01), which caps E05's FC rating at BB. Its LC rating is BBB-, and LC is not capped.

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

The Valdoria Country Ceiling (VD) is BB, and it caps foreign-currency ratings but not local-currency ones. E05's foreign-currency rating is BB and its local-currency rating is BBB-.

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

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

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

The data points to the Country Ceiling. Valdoria's ceiling (A12) is BB, and Valdoria Telecom's (E05) foreign-currency rating is BB against BBB- local currency. The ceiling caps only foreign-currency ratings.

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

The Valdoria Country Ceiling is BB (A12). It caps the foreign-currency rating (BB, A14) but not the local-currency rating (BBB-, A13).

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

The data points to the Country Ceiling. Valdoria's ceiling is BB, and E05's FC rating is BB against a LC rating of BBB- (A14, A13). The data doesn't state this reason explicitly.

Why: Names the Country Ceiling (BB) as the cause, but never says it caps foreign-currency ratings and not local-currency ones; it only notes the FC/LC rating gap and hedges.

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

Not asked in the JSON. Valdoria Telecom (E05) is rated BB foreign-currency and BBB- local-currency (A14, A13). The data does not state the reason, though the VD ceiling of BB fits the foreign-currency cap.

Why: Mentions the BB ceiling as fitting the foreign-currency cap but hedges that the cause isn't stated, and never says local-currency ratings are not capped.

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

The data supports this explanation. The VD Country Ceiling is BB, effective 2025-04-01. E05's FC rating is BB (A14), capped at the ceiling, while its LC rating is BBB- (A13).

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

The data does not state a reason. Valdoria's ceiling is BB (from 2025-04-01), and E05's FC rating is BB against an LC rating of BBB- (A14, A13), which is consistent with a ceiling cap.

Why: Identifies the BB ceiling and the FC/LC gap as consistent with a cap, but hedges that the data states no reason and never says the ceiling caps foreign-currency ratings only, not local-currency ones.

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

Valdoria's foreign-currency rating is BB (A14) and its local-currency rating is BBB- (A13). Valdoria's Country Ceiling of BB (from 2025-04-01) caps the foreign-currency rating. The data does not state this as the cause, so it is an inference.

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

The data doesn't state a reason. The FC rating A14 is BB and the LC rating A13 is BBB-, and Valdoria's Country Ceiling A12 is BB, which would cap the FC rating.

Why: Identifies the BB Country Ceiling as capping the FC rating, but hedges that the data states no reason and does not say LC ratings are not capped.

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

I did not query a reason. The data only shows the foreign-currency rating at BB (A14) and the local-currency rating at BBB- (A13), with the Valdoria country ceiling at BB (A12).

Why: Mentions the BB country ceiling and the FC/LC ratings but doesn't state that the ceiling caps foreign-currency ratings only, nor explicitly name it as the cause.

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

The data has no recorded reason, so I can't answer why. Valdoria Telecom's FC rating is BB, which matches the Valdoria Country Ceiling (BB), and its LC rating is BBB- (A13, A14); the ceiling is the likely cause, 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.

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

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

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

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

Why: Names the BB Country Ceiling as the cap on the foreign-currency rating, but never says the ceiling applies only to foreign-currency and not local-currency ratings, and does not explicitly state it as the cause.