Have you tried playing the Sigma Chess engine at 750? I've played it around 1300 and it seems to scale fairly well.
But to strictly answer your questions, I would say that black is playing above a 750 rating. Normally engines playing that low will make a lot of waiting moves and intentionally drop some material here and there.
Just my $0.02
I've been playing Sigma Chess against HIARCS, and for some reason it does not seem to be scaling down very accurately. The game crushes me when it's set on Max level, but it also crushes me when it's set on lowest level. Maybe I'm a terrible chess player? But I don't think I should be destroyed by the game when it is set on a rating of 750.
I would appreciate if someone could tell me if it seems like the machine is playing at 750, or much higher in this game. Also, I haven't the slightest clue what my rating is, so let me know if I'm really just not any good.