Q10, run 2026-11-05-1233-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

✅ R1 csv run 1 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R1 csv 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"}

✅ R1 csv run 3 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R1 csv run 4 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 5 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R2 rdf run 1 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R2 rdf run 2 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R2 rdf run 3 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R2 rdf run 4 graded by code

Depends. Valdoria Telecom (E05) has a local-currency rating of BBB- (A13), which is investment grade, and a foreign-currency rating of BB (A14), which is not.

JSON: {"investment_grade": "depends"}

✅ R2 rdf run 5 graded by code

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

JSON: {"investment_grade": "depends"}

❌ R6 rdf+ontology run 1 graded by code

No. Its headline FC rating is BB (A14), though its LC rating of BBB- (A13) is investment grade.

JSON: {"investment_grade": "no"}

Why: investment_grade: expected depends, got no

❌ R6 rdf+ontology run 2 graded by code

No
The headline rating is the FC issuer rating (per the lad:type-LTIDR definition), which is BB (A14). The LC rating of BBB- (A13) is investment grade, but it is not the headline.

JSON: {"investment_grade": "no"}

Why: investment_grade: expected depends, got no

❌ R6 rdf+ontology run 3 graded by code

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

JSON: {"investment_grade": "no"}

Why: investment_grade: expected depends, got no

✅ R6 rdf+ontology run 4 graded by code

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

JSON: {"investment_grade": "depends"}

❌ R6 rdf+ontology run 5 graded by code

No
Valdoria Telecom's headline rating is the FC one, BB (A14). Its LC rating of BBB- (A13) is investment grade, so the answer would differ if the question meant local currency.

JSON: {"investment_grade": "no"}

Why: investment_grade: expected depends, got no

❌ R5 csv+ontology run 1 graded by code

No. The headline rating is FC, which is BB (A14), while the LC BBB- (A13) is not the headline.

JSON: {"investment_grade": "no"}

Why: investment_grade: expected depends, got no

❌ R5 csv+ontology run 2 graded by code

No. Its headline rating is the FC rating, BB (A14), which is speculative grade; its LC rating is BBB- (A13).

JSON: {"investment_grade": "no"}

Why: investment_grade: expected depends, got no

❌ R5 csv+ontology run 3 graded by code

No. Its headline FC rating is BB (A14); its LC rating is BBB- (A13), which is investment grade.

JSON: {"investment_grade": "no"}

Why: investment_grade: expected depends, got no

✅ R5 csv+ontology run 4 graded by code

Depends. Valdoria Telecom's local-currency rating (BBB-, A13) is investment grade, but its foreign-currency rating (BB, A14) is speculative grade.

JSON: {"investment_grade": "depends"}

✅ R5 csv+ontology run 5 graded by code

Depends on currency. Valdoria Telecom's 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"}

✅ R4 csv+markdown run 1 graded by code

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

JSON: {"investment_grade": "depends"}

❌ R4 csv+markdown run 2 graded by code

No, on the headline FC rating of BB (A14). Its LC rating of BBB- (A13) would be investment grade, so the answer depends on which rating is meant.

JSON: {"investment_grade": "no"}

Why: investment_grade: expected depends, got no

❌ R4 csv+markdown run 3 graded by code

No. The headline FC rating is BB (A14); the LC rating is BBB- (A13), which is investment grade, so the answer depends on which rating you treat as headline.

JSON: {"investment_grade": "no"}

Why: investment_grade: expected depends, got no

❌ R4 csv+markdown run 4 graded by code

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

JSON: {"investment_grade": "no"}

Why: investment_grade: expected depends, got no

❌ R4 csv+markdown run 5 graded by code

No. Its headline foreign-currency rating is BB (A14); only its local-currency rating, BBB- (A13), is investment grade.

JSON: {"investment_grade": "no"}

Why: investment_grade: expected depends, got no

✅ R3 csv+padding run 1 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R3 csv+padding run 2 graded by code

Depends on currency. E05's local-currency rating is BBB- (A13, investment grade), while its FC rating is BB (A14, not investment grade).

JSON: {"investment_grade": "depends"}

✅ R3 csv+padding run 3 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R3 csv+padding run 4 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"}

✅ R3 csv+padding 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"}

✅ R10 executed run 1 graded by code

Depends on the currency basis. Its FC rating is BB (not investment grade, E05 A-row ending none), but its LC rating is BBB- (A13), which is investment grade.

JSON: {"investment_grade": "depends"}

✅ R10 executed run 2 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R10 executed run 3 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R10 executed run 4 graded by code

Depends. E05's FC issuer rating is BB (non-IG), but its LC rating is BBB- (IG).

JSON: {"investment_grade": "depends"}

✅ R10 executed run 5 graded by code

Depends on currency basis. The FC issuer rating is BB (A14), which is sub-investment grade, while the LC rating is BBB- (A13), which is investment grade.

JSON: {"investment_grade": "depends"}

✅ R7 csv+neutral run 1 graded by code

Depends. Valdoria Telecom's foreign-currency rating is BB (speculative grade, A14), while its local-currency rating is BBB- (investment grade, A13).

JSON: {"investment_grade": "depends"}

✅ R7 csv+neutral run 2 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R7 csv+neutral run 3 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R7 csv+neutral run 4 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R7 csv+neutral run 5 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R8 csv+axioms run 1 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R8 csv+axioms run 2 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R8 csv+axioms run 3 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R8 csv+axioms run 4 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"}

✅ R8 csv+axioms run 5 graded by code

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

JSON: {"investment_grade": "depends"}

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

No. Valdoria's headline rating is FC (BB, A14), and the ontology treats FC as the headline. Its LC rating (BBB-, A13) is investment grade.

JSON: {"investment_grade": "no"}

Why: investment_grade: expected depends, got no

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

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

JSON: {"investment_grade": "depends"}

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

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

JSON: {"investment_grade": "depends"}

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

No. The headline FC rating is BB (A14), while the LC rating BBB- (A13) is investment grade, so the answer depends on which rating is meant.

JSON: {"investment_grade": "no"}

Why: investment_grade: expected depends, got no

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

Depends on the basis. Valdoria Telecom's LC rating is BBB- (investment grade, A13), and its FC rating is BB (speculative, A14).

JSON: {"investment_grade": "depends"}