Making my comment an actual answer
At least one signature has problems implies that Adobe Acrobat has tried to verify the signature but failed doing so.
At least one signature requires validating implies that Adobe Acrobat has not tried to verify the signature and, therefore, has not yet decided whether it would fail or not.
Whether or not Adobe Reader / Acrobat tries to verify a signature depends on the Filter and SubFilter entries of the signature dictionary:
If the Reader / Acrobat knows them, it automatically tries to verify the signature (unless the configuration settings were changed).
If it knows the SubFilter but not the Filter, it does not try to verify automatically but at least offers to verify
If it does not know the SubFilter, it does not try to verify.
The OP could verify this:
I've changed the subfilter from CMS to CADES and the message changed from "At least one signature has problems" to "At least one signature requires validating".
On any Acrobat XI, though, the message presumably will become "At least one signature has problems" again because Adobe meanwhile has started supporting PAdES subfilters.