Q10, run 2026-11-04-2013-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

It depends on currency basis. 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 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"}

✅ 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) but the foreign-currency rating is BB (not, A14).

JSON: {"investment_grade": "depends"}

✅ R5 csv+ontology run 1 graded by code

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

JSON: {"investment_grade": "depends"}

❌ R5 csv+ontology run 2 graded by code

No. The headline foreign-currency rating is BB (A14), which is speculative grade. The 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 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"}

❌ R5 csv+ontology run 4 graded by code

No. The headline FC rating is BB (A14), although the LC rating is BBB- (A13).

JSON: {"investment_grade": "no"}

Why: investment_grade: expected depends, got no

✅ R5 csv+ontology run 5 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R4 csv+markdown run 1 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R4 csv+markdown run 2 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R4 csv+markdown run 3 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"}

✅ R4 csv+markdown run 4 graded by code

Depends on the basis. 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"}

✅ R4 csv+markdown run 5 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R8 csv+axioms run 1 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R8 csv+axioms run 2 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R8 csv+axioms run 3 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 4 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"}

✅ R8 csv+axioms 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"}