Q10, run 2026-11-04-1711-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 local-currency rating is BBB- (investment grade) and the foreign-currency rating is BB (not) (A13, A14).

JSON: {"investment_grade": "depends"}

✅ R1 csv run 2 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"}

✅ R1 csv run 3 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R1 csv run 4 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"}

✅ R1 csv run 5 graded by code

Depends. E05 is BBB- in local currency (A13), which is investment grade, and BB in foreign currency (A14), which is not.

JSON: {"investment_grade": "depends"}

✅ R2 rdf run 1 graded by code

Depends. E05's foreign-currency rating is BB (non-investment grade, A14) and its local-currency rating is BBB- (investment grade, A13).

JSON: {"investment_grade": "depends"}

✅ R2 rdf run 2 graded by code

Depends. E05 is BBB- in LC (investment grade, A13) but BB in FC (not, A14).

JSON: {"investment_grade": "depends"}

✅ R2 rdf run 3 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R2 rdf run 4 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R2 rdf run 5 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R6 rdf+ontology run 1 graded by code

Depends. E05's foreign-currency rating is BB (speculative grade), and its local-currency rating is BBB- (investment grade).

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, A14).

JSON: {"investment_grade": "depends"}

✅ R6 rdf+ontology run 3 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R6 rdf+ontology run 4 graded by code

Depends. E05's foreign-currency rating is BB, which is speculative grade (A14). Its local-currency rating is BBB-, which is investment grade (A13).

JSON: {"investment_grade": "depends"}

✅ R6 rdf+ontology run 5 graded by code

Depends. E05 is BB on the FC basis (speculative) and BBB- on the LC basis (investment grade).

JSON: {"investment_grade": "depends"}

✅ R5 csv+ontology run 1 graded by code

Depends. E05's FC rating is BB (speculative grade, A14) but its LC rating is BBB- (investment grade, A13), and the question does not say which basis.

JSON: {"investment_grade": "depends"}

✅ R5 csv+ontology run 2 graded by code

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

JSON: {"investment_grade": "depends"}

❌ R5 csv+ontology run 3 graded by code

No on its headline foreign-currency rating of BB (A14). Its local-currency rating is BBB- (A13), which is investment grade.

JSON: {"investment_grade": "no"}

Why: investment_grade: expected depends, got no

✅ R5 csv+ontology run 4 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R5 csv+ontology run 5 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R4 csv+markdown run 1 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R4 csv+markdown run 2 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R4 csv+markdown run 3 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R4 csv+markdown run 4 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R4 csv+markdown run 5 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R3 csv+padding run 1 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"}

✅ R3 csv+padding run 2 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 3 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 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"}

✅ R3 csv+padding run 5 graded by code

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

JSON: {"investment_grade": "depends"}