Q10, run 2026-11-04-1644-haiku

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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. E05's LC rating is BBB- (investment grade), but its FC rating is BB (not), and its USD 2029 note I04 is BB.

JSON: {"investment_grade": "depends"}

✅ R1 csv run 2 graded by code

Depends on currency. The FC rating is BB (A14), which is non-IG, and the LC rating is BBB- (A13), which is IG.

JSON: {"investment_grade": "depends"}

✅ R1 csv run 3 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R1 csv run 4 graded by code

Depends. Local currency is BBB- (A13, investment grade), but foreign currency is BB (A14, not investment grade).

JSON: {"investment_grade": "depends"}

✅ R1 csv run 5 graded by code

Depends. The LC rating is BBB- (A13), which is investment grade, but the FC rating is BB (A14) and the 2029 note is BB (A15), which are not.

JSON: {"investment_grade": "depends"}

✅ R2 rdf run 1 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R2 rdf run 2 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R2 rdf run 3 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R2 rdf run 4 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R2 rdf run 5 graded by code

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

JSON: {"investment_grade": "depends"}

❌ R6 rdf+ontology run 1 graded by code

No. The headline rating is the FC rating, BB (A14). The LC rating of BBB- (A13) is investment grade but is not the headline.

JSON: {"investment_grade": "no"}

Why: investment_grade: expected depends, got no

✅ R6 rdf+ontology run 2 graded by code

Depends. The headline FC rating is BB (A14), which is speculative grade. The local-currency rating is BBB- (A13), which is investment grade.

JSON: {"investment_grade": "depends"}

❌ R6 rdf+ontology run 3 graded by code

No. Valdoria Telecom's headline (FC) rating is BB (A14); its LC rating of BBB- (A13) is investment grade but is not the headline.

JSON: {"investment_grade": "no"}

Why: investment_grade: expected depends, got no

✅ R6 rdf+ontology run 4 graded by code

Depends on currency basis. The headline FC rating is BB (A14), speculative grade, while the LC rating is BBB- (A13), investment grade.

JSON: {"investment_grade": "depends"}

✅ R6 rdf+ontology run 5 graded by code

Depends on the basis. 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"}

❌ R5 csv+ontology run 1 graded by code

No. The headline rating is the FC one, BB (A14), which is speculative grade. The LC rating is BBB- (A13), which is investment grade, so the answer depends on which rating you mean.

JSON: {"investment_grade": "no"}

Why: investment_grade: expected depends, got no

❌ R5 csv+ontology run 2 graded by code

No on the headline FC rating: E05 is BB (A14). Its LC rating is BBB- (A13), which is investment grade, so the answer depends on which basis you mean.

JSON: {"investment_grade": "no"}

Why: investment_grade: expected depends, got no

❌ R5 csv+ontology run 3 graded by code

No. Valdoria's headline FC rating is BB (A14), which is speculative grade. The LC rating of BBB- (A13) is investment grade but is not the headline.

JSON: {"investment_grade": "no"}

Why: investment_grade: expected depends, got no

❌ R5 csv+ontology run 4 graded by code

No. Valdoria's headline FC rating is BB (A14), which is speculative grade; its LC rating of BBB- (A13) is investment grade, but the FC rating is the headline.

JSON: {"investment_grade": "no"}

Why: investment_grade: expected depends, got no

❌ R5 csv+ontology run 5 graded by code

No
Its headline FC rating is BB (A14), while its LC rating is BBB- (A13), which is investment grade but is the secondary rating.

JSON: {"investment_grade": "no"}

Why: investment_grade: expected depends, got no

✅ R4 csv+markdown run 1 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R4 csv+markdown run 2 graded by code

Depends on currency basis. Valdoria's FC rating is BB (speculative grade, A14), which is its headline rating, but its LC rating is BBB- (investment grade, A13).

JSON: {"investment_grade": "depends"}

❌ R4 csv+markdown run 3 graded by code

No on the headline FC rating of BB (A14). The LC rating of BBB- (A13) is investment grade, so the answer depends on which rating you take as headline.

JSON: {"investment_grade": "no"}

Why: investment_grade: expected depends, got no

✅ R4 csv+markdown run 4 graded by code

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

JSON: {"investment_grade": "depends"}

❌ R4 csv+markdown run 5 graded by code

No on the headline FC rating: E05 is BB (A14). Its LC rating is BBB- (A13), which is investment grade, so the answer depends on which rating is meant.

JSON: {"investment_grade": "no"}

Why: investment_grade: expected depends, got no

✅ R3 csv+padding run 1 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"}

✅ R3 csv+padding run 2 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R3 csv+padding run 3 graded by code

Depends. Valdoria's FC issuer rating is BB (A14, not IG), but its LC rating is BBB- (A13, IG).

JSON: {"investment_grade": "depends"}

✅ R3 csv+padding run 4 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R3 csv+padding run 5 graded by code

Depends. The FC rating is BB (A14), below investment grade, but the LC rating is BBB- (A13), which is investment grade.

JSON: {"investment_grade": "depends"}