Q10, run 2026-11-04-1643-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. The LC rating is BBB- (A13, investment grade) but the FC rating is BB (A14, not).

JSON: {"investment_grade": "depends"}

✅ R1 csv run 2 graded by code

Depends. The foreign-currency rating is BB (A14), which is sub-investment grade, while the local-currency rating is BBB- (A13), which is investment grade.

JSON: {"investment_grade": "depends"}

✅ R1 csv run 3 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R1 csv run 4 graded by code

Depends. Its local-currency rating is BBB- (investment grade, A13) and its foreign-currency rating is BB (not investment grade, A14).

JSON: {"investment_grade": "depends"}

✅ R1 csv run 5 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R2 rdf run 1 graded by code

Depends. E05 is BBB- on a local-currency basis (investment grade, A13) and BB on a foreign-currency basis (not investment grade, A14).

JSON: {"investment_grade": "depends"}

✅ R2 rdf run 2 graded by code

Depends. Its LC rating is BBB- (investment grade, A13) but its FC rating is BB (not, A14).

JSON: {"investment_grade": "depends"}

✅ R2 rdf run 3 graded by code

Depends. The LC rating is BBB- (investment grade, A13) and the FC rating is BB (not investment grade, A14).

JSON: {"investment_grade": "depends"}

✅ R2 rdf run 4 graded by code

Depends. Its LC rating is BBB- (investment grade, A13) and its FC rating is BB (not investment grade, A14).

JSON: {"investment_grade": "depends"}

✅ R2 rdf run 5 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R6 rdf+ontology run 1 graded by code

Depends. Its foreign-currency rating is BB (speculative), while its local-currency rating is BBB- (investment grade) (A14, A13).

JSON: {"investment_grade": "depends"}

✅ R6 rdf+ontology run 2 graded by code

Depends. E05's LC rating is BBB- (investment grade, A13), but its FC rating is BB (speculative grade, A14).

JSON: {"investment_grade": "depends"}

✅ R6 rdf+ontology run 3 graded by code

Depends. E05's LC rating is BBB- (investment grade), but its FC rating is BB (speculative grade).

JSON: {"investment_grade": "depends"}

✅ R6 rdf+ontology run 4 graded by code

Depends. Its foreign-currency rating is BB (speculative grade, A14), while its local-currency rating is BBB- (investment grade, A13).

JSON: {"investment_grade": "depends"}

✅ R6 rdf+ontology run 5 graded by code

Depends. Its local-currency rating is BBB- (investment grade, A13) and its foreign-currency rating is BB (speculative, A14).

JSON: {"investment_grade": "depends"}

✅ R5 csv+ontology run 1 graded by code

Depends. E05's FC rating is BB (speculative), while its LC rating is BBB- (investment grade), per A13 and A14.

JSON: {"investment_grade": "depends"}

✅ R5 csv+ontology run 2 graded by code

Depends. E05 is rated BB on a foreign-currency basis (A14), which is speculative grade, and BBB- on a local-currency basis (A13), which is investment grade.

JSON: {"investment_grade": "depends"}

❌ R5 csv+ontology run 3 graded by code

No. The headline foreign-currency rating is BB (A14), which is speculative grade. Only the LC rating (BBB-, A13) is investment grade.

JSON: {"investment_grade": "no"}

Why: investment_grade: expected depends, got no

❌ R5 csv+ontology run 4 graded by code

No. The headline foreign-currency rating is BB (A14), which is speculative grade. The local-currency rating is BBB- (A13), so the answer is "yes" only on that basis.

JSON: {"investment_grade": "no"}

Why: investment_grade: expected depends, got no

✅ R5 csv+ontology run 5 graded by code

Depends. E05 is BB on a foreign-currency basis (A14) and BBB- on a local-currency basis (A13).

JSON: {"investment_grade": "depends"}

✅ R4 csv+markdown run 1 graded by code

Depends. The local-currency rating is BBB- (investment grade, A13), but the foreign-currency rating is BB (speculative, A14).

JSON: {"investment_grade": "depends"}

✅ R4 csv+markdown run 2 graded by code

Depends. The FC rating is BB (speculative grade, A14) and the LC rating is BBB- (investment grade, A13).

JSON: {"investment_grade": "depends"}

✅ R4 csv+markdown run 3 graded by code

Depends. The foreign-currency rating is BB (speculative, A14) and the local-currency rating is BBB- (investment grade, A13).

JSON: {"investment_grade": "depends"}

✅ R4 csv+markdown run 4 graded by code

Depends. Its foreign-currency rating is BB (speculative grade), and its local-currency rating is BBB- (investment grade).

JSON: {"investment_grade": "depends"}

✅ R4 csv+markdown run 5 graded by code

Depends. The FC rating is BB (speculative), and the LC rating is BBB- (investment grade).

JSON: {"investment_grade": "depends"}

✅ R3 csv+padding run 1 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R3 csv+padding run 2 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R3 csv+padding run 3 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R3 csv+padding run 4 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R3 csv+padding run 5 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"}