Q10, run 2026-11-05-2135-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. E05's LC rating is BBB- (investment grade, A13) but its FC rating is BB (not, A14).

JSON: {"investment_grade": "depends"}

✅ R1 csv run 2 graded by code

Depends. FC is BB (A14, sub-investment grade) but LC is BBB- (A13, investment grade).

JSON: {"investment_grade": "depends"}

✅ R1 csv run 3 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R1 csv run 4 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R1 csv run 5 graded by code

Depends. E05 is BBB- in local currency (investment grade, A13) but BB in foreign currency (not investment grade, A14).

JSON: {"investment_grade": "depends"}

✅ R2 rdf run 1 graded by code

Depends. Valdoria Telecom (E05) is BB in foreign currency (A14, not investment grade) and BBB- in local currency (A13, investment grade).

JSON: {"investment_grade": "depends"}

✅ R2 rdf run 2 graded by code

Depends on the currency basis. E05 is BBB- on a local-currency basis (investment grade) and BB on a foreign-currency basis (not), both from 2025-04-01 (A13, A14).

JSON: {"investment_grade": "depends"}

✅ R2 rdf run 3 graded by code

Depends. Valdoria Telecom (E05) is BBB- on local currency (A13), which is investment grade, but BB on foreign currency (A14), which is not.

JSON: {"investment_grade": "depends"}

✅ R2 rdf run 4 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R2 rdf run 5 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"}

✅ R6 rdf+ontology run 1 graded by code

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

JSON: {"investment_grade": "depends"}

❌ R6 rdf+ontology run 2 graded by code

No. The headline foreign-currency rating is BB (A14), although the local-currency rating is BBB- (A13).

JSON: {"investment_grade": "no"}

Why: investment_grade: expected depends, got no

✅ R6 rdf+ontology run 3 graded by code

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

JSON: {"investment_grade": "depends"}

❌ R6 rdf+ontology run 4 graded by code

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

JSON: {"investment_grade": "no"}

Why: investment_grade: expected depends, got no

✅ R6 rdf+ontology run 5 graded by code

Depends. E05 is BB on foreign currency (A14) and BBB- on local currency (A13).

JSON: {"investment_grade": "depends"}

✅ R5 csv+ontology run 1 graded by code

Depends. E05's local-currency rating is BBB- (investment grade) but its foreign-currency rating is BB (speculative).

JSON: {"investment_grade": "depends"}

✅ R5 csv+ontology run 2 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R5 csv+ontology run 3 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R5 csv+ontology run 4 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R5 csv+ontology run 5 graded by code

Depends. E05's FC rating is BB (speculative) but its LC rating is BBB- (investment grade) (A13, A14).

JSON: {"investment_grade": "depends"}

✅ R4 csv+markdown run 1 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R4 csv+markdown run 2 graded by code

Depends. E05's foreign-currency rating is BB (speculative), while its local-currency rating is BBB- (investment grade).

JSON: {"investment_grade": "depends"}

✅ R4 csv+markdown run 3 graded by code

Depends. E05's foreign-currency rating is BB (speculative), while its local-currency rating is BBB- (investment grade).

JSON: {"investment_grade": "depends"}

❌ R4 csv+markdown run 4 graded by code

No. The foreign-currency headline rating (A14) is BB. Only the local-currency 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

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

JSON: {"investment_grade": "depends"}

✅ R3 csv+padding run 1 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R3 csv+padding run 2 graded by code

Depends. E05 is BBB- in local currency (investment grade, A13) but BB in foreign currency (not, A14).

JSON: {"investment_grade": "depends"}

✅ R3 csv+padding run 3 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R3 csv+padding run 4 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R3 csv+padding run 5 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R10 executed run 1 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R10 executed run 2 graded by code

Depends. E05 is BB on a foreign-currency basis (not investment grade) and BBB- on a local-currency basis (investment grade).

JSON: {"investment_grade": "depends"}

✅ R10 executed run 3 graded by code

Depends. E05 is BB in foreign currency (A14, sub-investment grade) and BBB- in local currency (A13, investment grade).

JSON: {"investment_grade": "depends"}

✅ R10 executed run 4 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R10 executed run 5 graded by code

Depends. E05 is BB in foreign currency (sub-investment grade) and BBB- in local currency (investment grade).

JSON: {"investment_grade": "depends"}

✅ R7 csv+neutral run 1 graded by code

Depends. Its foreign-currency rating is BB (speculative grade) and its local-currency rating is BBB- (investment grade) (A13, A14).

JSON: {"investment_grade": "depends"}

✅ R7 csv+neutral run 2 graded by code

Depends. E05's foreign-currency rating is BB (A14), which is speculative grade, but its local-currency rating is BBB- (A13), which is investment grade.

JSON: {"investment_grade": "depends"}

✅ R7 csv+neutral run 3 graded by code

Depends. E05 is BB (speculative) in foreign currency and BBB- (investment grade) in local currency.

JSON: {"investment_grade": "depends"}

✅ R7 csv+neutral run 4 graded by code

Depends. Valdoria Telecom (E05) is BBB- on local currency (A13, investment grade) but BB on foreign currency (A14, speculative).

JSON: {"investment_grade": "depends"}

✅ R7 csv+neutral run 5 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R8 csv+axioms run 1 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R8 csv+axioms run 2 graded by code

Depends. Foreign currency is BB (A14), which is below investment grade; local currency is BBB- (A13), which is investment grade.

JSON: {"investment_grade": "depends"}

✅ R8 csv+axioms run 3 graded by code

Depends. E05's FC rating is BB (A14), which is sub-investment grade, and its LC rating is BBB- (A13), which is investment grade.

JSON: {"investment_grade": "depends"}

✅ R8 csv+axioms run 4 graded by code

Depends. E05's 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 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"}

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

Depends. E05 is BB on foreign currency (A14, speculative) but BBB- on local currency (A13, investment grade).

JSON: {"investment_grade": "depends"}

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

No. E05's headline FC rating is BB (A14), though its LC rating is BBB- (A13).

JSON: {"investment_grade": "no"}

Why: investment_grade: expected depends, got no

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

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

JSON: {"investment_grade": "depends"}

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

Depends. E05 is BBB- on a local-currency basis (investment grade) and BB on a foreign-currency basis (not).

JSON: {"investment_grade": "depends"}

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

Depends. E05 is BBB- in local currency (A13), which is investment grade, but BB in foreign currency (A14), which is not.

JSON: {"investment_grade": "depends"}