Semantics ladder

How much does an LLM gain from being told what data means?

The experiment

Goals
Method

Credit ratings

Research analytics

The results

All data is invented: the companies, LEIs, ratings, works, people and institutions. Nothing here is any rating agency's or bibliographic database's data or definitions.

Last updated 6 November 2026.

Q5, run 2026-11-04-1643-sonnet

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Whose credit risk does a holder of the Northwind Finance 2030 notes take, and how is it rated?

Tests: Roles: issuer versus guarantor; a finance subsidiary's guaranteed debt carries the guarantor's risk.

Expected: risk_of = E02 rating = A

✅ R1 csv run 1 graded by code

Northwind Holdings (E02), rated A. I03 is guaranteed by E02 (issuer E04), and E02/E03 is rated A (A09).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R1 csv run 2 graded by code

The guarantor, Northwind Holdings (E02), rated A. I03 is issued by E04 but guaranteed by E02, and the latest E02/E03 rating is A (A09).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R1 csv run 3 graded by code

E02, the guarantor of I03, rated A. E04 is the issuer, but E02 guarantees the notes, and E02's latest rating is A (A08, A09).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R1 csv run 4 graded by code

E02, the guarantor of I03 (Northwind Finance's 2030 notes). I03 is rated A (A10, A11), the same as E02's A.

JSON: {"risk_of": "E02", "rating": "A"}

✅ R1 csv run 5 graded by code

The holder takes the risk of the guarantor, Northwind Holdings (E02), rated A. I03 is issued by E04 but guaranteed by E02 (instruments.csv), and E02/E03 is rated A (A08, A09).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R2 rdf run 1 graded by code

The guarantor E02, rated A. I03 is issued by E04 but guaranteed by E02, whose latest rating is A (A09, same entity as E03).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R2 rdf run 2 graded by code

E02, rated A. I03 is issued by E04 but guaranteed by E02, so the holder takes the guarantor's risk. E02's rating is A (A08, A09).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R2 rdf run 3 graded by code

The guarantor, E02 (same entity as E03), rated A. I03's issuer is E04 but E02 guarantees it (A09, A08).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R2 rdf run 4 graded by code

The guarantor E02 (Northwind Holdings), rated A. I03 is issued by E04 and guaranteed by E02. E02's LTIDR is A (A08, A09).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R2 rdf run 5 graded by code

The holder takes E02's risk, rated A. I03 is issued by E04 and guaranteed by E02. I03 itself is rated A (A11), and E03/E02 is also A (A09).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R6 rdf+ontology run 1 graded by code

The holder takes E02's credit risk, rated A. I03 is guaranteed by E02 (issuer E04 is a finance subsidiary), and E02's LTIDR is A (A08, A09).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R6 rdf+ontology run 2 graded by code

The holder takes E02's credit risk (E02 and E03 are the same entity), which is rated A. I03 is guaranteed by E02, and A09 is the latest action (A).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R6 rdf+ontology run 3 graded by code

The holder takes E02's credit risk, rated A. I03 is guaranteed by E02, and its latest instrument rating is A (A11).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R6 rdf+ontology run 4 graded by code

E02, rated A. I03 is guaranteed by E02 (the issuer E04 is a finance subsidiary), and A10/A11 rate the note A.

JSON: {"risk_of": "E02", "rating": "A"}

✅ R6 rdf+ontology run 5 graded by code

The holder takes E02's credit risk, rated A. I03 is guaranteed by E02, and E02's latest rating is A (A09, shared with E03).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R5 csv+ontology run 1 graded by code

The holder takes E02's credit risk, rated A. I03 is guaranteed by E02, and E02's latest issuer rating is A (A09 via E03).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R5 csv+ontology run 2 graded by code

The holder takes the credit risk of E02, Northwind Holdings, rated A. I03 is guaranteed by E02, so it carries the guarantor's rating. E02's current LTIDR is A (A09, recorded under E03).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R5 csv+ontology run 3 graded by code

The holder takes Northwind Holdings' (E02) credit risk, rated A. I03 is guaranteed by E02, so it is rated on the guarantor (A09 and A11, rating A).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R5 csv+ontology run 4 graded by code

The holder takes E02's credit risk, rated A. I03 is guaranteed by E02, and E02/E03's latest LTIDR FC is A (A09).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R5 csv+ontology run 5 graded by code

A holder takes E02's credit risk, and E02 is rated A. I03 is guaranteed by E02 (not issued on E04's own credit), and the latest LTIDR on E02/E03 is A (A09).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R4 csv+markdown run 1 graded by code

The holder takes E02's credit risk, rated A. I03 is guaranteed by E02, and E02's latest rating is A (A09, recorded on E03).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R4 csv+markdown run 2 graded by code

The holder takes Northwind Holdings' (E02) risk, rated A. I03 is guaranteed by E02, and E02's current rating is A (A08, A09).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R4 csv+markdown run 3 graded by code

Northwind Holdings (E02), rated A. I03 is guaranteed by E02, so the holder takes E02's risk. E02's latest rating is A (A09).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R4 csv+markdown run 4 graded by code

The holder takes E02's credit risk, rated A. I03 is guaranteed by E02, and E02/E03's latest LTIDR is A (A09).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R4 csv+markdown run 5 graded by code

The holder takes the credit risk of E02, the guarantor of I03. E02's current rating is A (A09).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R3 csv+padding run 1 graded by code

The guarantor, E02, rated A. I03 is issued by E04 but guaranteed by E02 (A08/A09).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R3 csv+padding run 2 graded by code

The guarantor, E02 (Northwind Holdings), rated A. I03 is issued by E04 but guaranteed by E02, and A09 affirms A for E03, which is E02.

JSON: {"risk_of": "E02", "rating": "A"}

✅ R3 csv+padding run 3 graded by code

The guarantor, Northwind Holdings (E02), rated A. I03 is issued by E04 but guaranteed by E02, and I03 is rated A (A11).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R3 csv+padding run 4 graded by code

The guarantor, E02, rated A. I03 is issued by E04 and guaranteed by E02, and E02's latest rating is A (A09 via E03).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R3 csv+padding run 5 graded by code

E02, rated A. I03 is issued by E04 but guaranteed by E02, and E02's rating is A (A08, affirmed in A09 under the duplicate record E03).

JSON: {"risk_of": "E02", "rating": "A"}