Valued – or scolded (5)
I believe the answer is:
rated
I believe this is a double definition.
'valued' is the first definition.
(rating is a kind of valuing)
'scolded' is the second definition.
(I've seen this in another clue)
'or' acts as a link.
(Other definitions for rated that I've seen before include "Graded by trade" , "Thought highly of" , "Tread (anag.)" , "Reckoned" , "Castigated" .)