Q10, run 2026-11-04-1712-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. Valdoria Telecom is BBB- (investment grade) in local currency (A13) but BB (not investment grade) in foreign currency (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, A14).

JSON: {"investment_grade": "depends"}

✅ R1 csv run 3 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R10 executed run 1 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R10 executed run 2 graded by code

Depends. E05 is BB on foreign currency (A14, non-investment grade) and BBB- on local currency (A13, investment grade).

JSON: {"investment_grade": "depends"}

✅ R10 executed run 3 graded by code

Depends. E05 is BB in foreign currency (A14), which is sub-investment grade, but BBB- in local currency (A13), which is investment grade.

JSON: {"investment_grade": "depends"}

✅ R10 executed run 4 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R10 executed run 5 graded by code

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

JSON: {"investment_grade": "depends"}