Q10, run 2026-11-04-1824-haiku

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's 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 2 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R1 csv run 3 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R1 csv 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"}

✅ R1 csv run 5 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R5 csv+ontology run 1 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R5 csv+ontology run 2 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R5 csv+ontology run 3 graded by code

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

JSON: {"investment_grade": "depends"}

❌ R5 csv+ontology run 4 graded by code

No, on the headline FC rating, which is BB (A14). Only the LC rating, BBB- (A13), is investment grade.

JSON: {"investment_grade": "no"}

Why: investment_grade: expected depends, got no

✅ R5 csv+ontology run 5 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R8 csv+axioms run 1 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R8 csv+axioms run 2 graded by code

Depends
E05's LC rating is BBB- (investment grade, A13) but its FC rating is BB (A14), so the answer depends on the currency basis.

JSON: {"investment_grade": "depends"}

✅ R8 csv+axioms run 3 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R8 csv+axioms run 4 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R8 csv+axioms run 5 graded by code

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

JSON: {"investment_grade": "depends"}

❌ R9 csv+axioms+markdown run 1 graded by code

No. The headline foreign-currency rating is BB (A14). The local-currency BBB- (A13) is investment grade, so the answer depends on which rating you mean.

JSON: {"investment_grade": "no"}

Why: investment_grade: expected depends, got no

❌ R9 csv+axioms+markdown run 2 graded by code

No. The headline FC rating is BB (A14). The LC rating (A13, BBB-) is investment grade, but the ontology treats FC as the headline.

JSON: {"investment_grade": "no"}

Why: investment_grade: expected depends, got no

❌ R9 csv+axioms+markdown run 3 graded by code

No. Its headline FC rating is BB (A14), and the FC rating is the headline one. Its LC rating (A13, BBB-) is investment grade, but only in local currency.

JSON: {"investment_grade": "no"}

Why: investment_grade: expected depends, got no

❌ R9 csv+axioms+markdown run 4 graded by code

No. The headline FC rating is BB (A14), which is below investment grade. The LC rating (A13, BBB-) is investment grade.

JSON: {"investment_grade": "no"}

Why: investment_grade: expected depends, got no

✅ R9 csv+axioms+markdown run 5 graded by code

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

JSON: {"investment_grade": "depends"}