Q45, run 2026-11-05-1819-sonnet-query-graphdb

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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

❌ D4 sparql run 1 graded by code · query session

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

JSON: {"above_ceiling": "yes"}

Why: above_ceiling: expected no, got yes

❌ D4 sparql run 3 graded by code · query session

Yes. It is rated BBB- (A45) against a ceiling of BB.

JSON: {"above_ceiling": "yes"}

Why: above_ceiling: expected no, got yes

❌ D4 sparql run 4 graded by code · query session

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

JSON: {"above_ceiling": "yes"}

Why: above_ceiling: expected no, got yes

✅ D4 sparql run 5 graded by code · query session

No. I07 is rated BBB- (A45), above the BB ceiling, but it is a local-currency note and the ceiling is a foreign-currency cap.

JSON: {"above_ceiling": "no"}

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

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

JSON: {"above_ceiling": "no"}

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

No. It is a local-currency obligation, which the ceiling does not cap.

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 apply.

JSON: {"above_ceiling": "no"}

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

No. The note is local-currency debt, 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- (A45) against VD's 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. It is rated BBB- (A45) and is a local-currency obligation, so the foreign-currency ceiling does not apply.

JSON: {"above_ceiling": "no"}

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

No (?). Ceilings apply to foreign-currency ratings, and I07 looks local-currency.

JSON: {"above_ceiling": "no"}

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

No. I07 is rated BBB-, above the BB ceiling, but the ceiling does not cap local-currency debt.

JSON: {"above_ceiling": "no"}

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

Yes. It is rated BBB- (A45) against a ceiling of BB (A12).

JSON: {"above_ceiling": "yes"}

Why: above_ceiling: expected no, got yes

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

No. It is rated BBB- (A45). Its flag marks it as local currency, so the ceiling does not cap it.

JSON: {"above_ceiling": "no"}