Q10, run 2026-11-04-1526-sonnet

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Is Valdoria Telecom investment grade?

Tests: Ambiguity: 'the rating' of a company is several ratings; the investment-grade line is BBB-.

Expected: investment_grade = depends

✅ R1 csv run 1 graded by code

Depends. Its local-currency rating is BBB-, which is investment grade (A13), but its foreign-currency rating is BB, which is not (A14). The notes I04 are rated BB (A15).

JSON: {"investment_grade": "depends"}

✅ R1 csv run 2 graded by code

Depends. The local-currency rating is BBB- (A13), which is investment grade, but the foreign-currency rating is BB (A14), which is not.

JSON: {"investment_grade": "depends"}

✅ R1 csv run 3 graded by code

Depends. E05's local-currency rating is BBB- (investment grade, A13), but its foreign-currency rating is BB (not investment grade, A14). The answer depends on which currency basis is meant.

JSON: {"investment_grade": "depends"}

✅ R1 csv run 4 graded by code

Depends. The local-currency rating is BBB- (A13), which is investment grade, but the foreign-currency rating is BB (A14), which is not. The data doesn't say which one governs.

JSON: {"investment_grade": "depends"}

✅ R1 csv run 5 graded by code

Depends. The local-currency rating is BBB- (A13), which is investment grade. The foreign-currency rating is BB (A14), which is not.

JSON: {"investment_grade": "depends"}

✅ R2 rdf run 1 graded by code

Depends. E05's local-currency rating is BBB- (A13), which is investment grade, but its foreign-currency rating is BB (A14), as is its bond I04 (A15), which is not.

JSON: {"investment_grade": "depends"}

✅ R2 rdf run 2 graded by code

Depends. E05 is investment grade on a local-currency basis (BBB-, A13) but not on a foreign-currency basis (BB, A14). Its 2029 note (I04) is also BB (A15).

JSON: {"investment_grade": "depends"}

✅ R2 rdf run 3 graded by code

Depends. E05's local-currency rating is BBB- (A13), which is investment grade. Its foreign-currency rating is BB (A14), and its 2029 note I04 is rated BB (A15); both are below investment grade.

JSON: {"investment_grade": "depends"}

✅ R2 rdf run 4 graded by code

Depends. E05's local-currency rating is BBB- (investment grade, A13), but its foreign-currency rating is BB (not investment grade, A14).

JSON: {"investment_grade": "depends"}

✅ R2 rdf run 5 graded by code

Depends. E05's local-currency rating is BBB- (A13, investment grade), but its foreign-currency rating is BB (A14, not investment grade).

JSON: {"investment_grade": "depends"}

✅ R6 rdf+ontology run 1 graded by code

Depends. E05's foreign-currency rating is BB, which is speculative grade (A14), but its local-currency rating is BBB-, which is investment grade (A13). The FC rating is the headline one.

JSON: {"investment_grade": "depends"}

✅ R6 rdf+ontology run 2 graded by code

Depends. E05's local-currency rating is BBB- (investment grade, A13), but its foreign-currency rating is BB (speculative grade, A14), so the answer depends on the currency basis. The FC rating is the headline rating, which is not investment grade.

JSON: {"investment_grade": "depends"}

✅ R6 rdf+ontology run 3 graded by code

Depends. Its local-currency LTIDR is BBB- (A13, investment grade), but its foreign-currency LTIDR is BB (A14, speculative grade). The FC rating is the headline rating, which would make it not investment grade.

JSON: {"investment_grade": "depends"}

✅ R6 rdf+ontology run 4 graded by code

**Depends.** E05's local-currency LTIDR is BBB- (A13, investment grade), but its foreign-currency LTIDR is BB (A14, speculative grade), and the FC rating is the headline rating.



Correction to Q9: my count above is inconsistent. The list gives E01, E02/E03 (one entity), E05, E06 and E08, which is **5** distinct issuers, as in the JSON, not 6.

JSON: {"investment_grade": "depends"}

✅ R6 rdf+ontology run 5 graded by code

Depends. Its local-currency rating is BBB- (investment grade, A13), but its foreign-currency rating is BB (speculative grade, A14). The foreign-currency rating is the headline rating, so the answer depends on which basis is meant.

JSON: {"investment_grade": "depends"}

✅ R5 csv+ontology run 1 graded by code

It depends on the currency basis. Its LC rating is BBB- (A13), which is investment grade. Its FC rating, the headline one, is BB (A14), which is speculative grade.

JSON: {"investment_grade": "depends"}

✅ R5 csv+ontology run 2 graded by code

Depends. E05's FC LTIDR is BB (A14), which is speculative grade, while its LC LTIDR is BBB- (A13), which is investment grade. The headline rating is the FC one, so it is not investment grade on that basis.

JSON: {"investment_grade": "depends"}

❌ R5 csv+ontology run 3 graded by code

No. Its headline FC rating is BB (A14, speculative grade). Only its LC rating, BBB- (A13), is investment grade, and that rating is not the headline.

JSON: {"investment_grade": "no"}

Why: investment_grade: expected depends, got no

✅ R5 csv+ontology run 4 graded by code

Depends. The LC LTIDR is BBB- (A13, investment grade), but the headline FC LTIDR is BB (A14, speculative grade).

JSON: {"investment_grade": "depends"}

❌ R5 csv+ontology run 5 graded by code

No. The headline FC LTIDR is BB (A14), which is speculative grade. Only its LC rating (BBB-, A13) is investment grade.

JSON: {"investment_grade": "no"}

Why: investment_grade: expected depends, got no