Q10, run 2026-11-04-2022-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 FC rating is BB, which is not investment grade (A14), but the LC rating is BBB-, which is (A13).

JSON: {"investment_grade": "depends"}

✅ R1 csv run 2 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R1 csv run 3 graded by code

Depends. E05 is BB on FC (A14, not investment grade) but BBB- on LC (A13, investment grade).

JSON: {"investment_grade": "depends"}

✅ R1 csv run 4 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R1 csv run 5 graded by code

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

JSON: {"investment_grade": "depends"}

❌ R4 csv+markdown run 1 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

✅ R4 csv+markdown run 2 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R4 csv+markdown run 3 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R4 csv+markdown run 4 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 5 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R10 executed run 1 graded by code

Depends. E05's foreign-currency rating is BB (non-IG, A14) and its local-currency rating is BBB- (IG, A13).

JSON: {"investment_grade": "depends"}

✅ R10 executed run 2 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R10 executed run 3 graded by code

Depends. E05 is BB on a foreign-currency basis (A14, not investment grade) and BBB- on a local-currency basis (A13, investment grade).

JSON: {"investment_grade": "depends"}

✅ R10 executed run 4 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R10 executed run 5 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R8 csv+axioms run 1 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R8 csv+axioms run 2 graded by code

It depends on the basis. The foreign-currency rating is BB (A14), which is not investment grade, while the local-currency rating is BBB- (A13), which is.

JSON: {"investment_grade": "depends"}

✅ R8 csv+axioms run 3 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R8 csv+axioms run 4 graded by code

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

JSON: {"investment_grade": "depends"}

✅ R8 csv+axioms run 5 graded by code

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

JSON: {"investment_grade": "depends"}