Q10, run 2026-11-04-1723-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

❌ R5 csv+ontology run 1 graded by code

No. The headline rating is the FC one (ontology: "the foreign-currency (FC) one is the headline rating"), which is BB (A14). The LC rating of BBB- (A13) would be investment grade.

JSON: {"investment_grade": "no"}

Why: investment_grade: expected depends, got no

✅ R5 csv+ontology run 2 graded by code

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

JSON: {"investment_grade": "depends"}

❌ R5 csv+ontology run 3 graded by code

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

JSON: {"investment_grade": "no"}

Why: investment_grade: expected depends, got no

❌ R5 csv+ontology run 4 graded by code

No. The headline rating is the FC rating, BB (A14), which is below investment grade. The LC rating, BBB- (A13), would be investment grade, so this depends on which rating you mean.

JSON: {"investment_grade": "no"}

Why: investment_grade: expected depends, got no

❌ R5 csv+ontology run 5 graded by code

No. The headline rating is the FC one, BB (E05, A14). The LC rating of BBB- (A13) would be investment grade, but it is not the headline.

JSON: {"investment_grade": "no"}

Why: investment_grade: expected depends, got no

✅ R7 csv+neutral run 1 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R7 csv+neutral run 2 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R7 csv+neutral run 3 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R7 csv+neutral run 4 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R7 csv+neutral run 5 graded by code

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

JSON: {"investment_grade": "depends"}