Q10, run 2026-11-04-1825-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, A13) and the foreign-currency rating is BB (not, A14).

JSON: {"investment_grade": "depends"}

✅ R1 csv run 2 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R1 csv run 3 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R1 csv run 4 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R1 csv run 5 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"}

✅ R5 csv+ontology run 1 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R5 csv+ontology run 2 graded by code

Depends. E05 is BB on a foreign-currency basis (A14, the headline rating) and BBB- on a local-currency basis (A13).

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 of BBB- (A13) is investment grade, but it is not the headline rating.

JSON: {"investment_grade": "no"}

Why: investment_grade: expected depends, got no

✅ R5 csv+ontology run 4 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R5 csv+ontology run 5 graded by code

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

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 investment grade).

JSON: {"investment_grade": "depends"}

✅ R8 csv+axioms run 2 graded by code

It depends on the currency basis. The LC rating is BBB- (investment grade, A13) and the FC rating is BB (not investment grade, A14).

JSON: {"investment_grade": "depends"}

✅ R8 csv+axioms run 3 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R8 csv+axioms run 4 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"}

✅ R8 csv+axioms run 5 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"}

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

Depends. E05's LC rating is BBB- (investment grade) and its FC rating is BB (speculative grade).

JSON: {"investment_grade": "depends"}

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

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

JSON: {"investment_grade": "depends"}

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

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

JSON: {"investment_grade": "depends"}

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

Depends. E05's LC rating is BBB- (investment grade) but its FC rating is BB (speculative grade).

JSON: {"investment_grade": "depends"}

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

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

JSON: {"investment_grade": "depends"}