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.

Q24, run 2026-11-05-1227-sonnet

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Is Kestrel Energy's issuer rating investment grade?

Tests: Issuer versus instrument: BBB, at the issuer, even though one note is below investment grade.

Expected: investment_grade = yes

✅ R1 csv run 1 graded by code

Yes. The LTIDR is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R1 csv run 2 graded by code

Yes. The issuer rating is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R1 csv run 3 graded by code

Yes. E01's issuer rating is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R1 csv run 4 graded by code

Yes. The issuer rating is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R1 csv run 5 graded by code

Yes. The issuer rating is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R2 rdf run 1 graded by code

Yes. E01's LTIDR is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R2 rdf run 2 graded by code

Yes. E01's LTIDR is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R2 rdf run 3 graded by code

Yes. E01's LTIDR is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R2 rdf run 4 graded by code

Yes. E01's issuer rating is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R2 rdf run 5 graded by code

Yes. E01's issuer rating is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R6 rdf+ontology run 1 graded by code

Yes. The current rating is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R6 rdf+ontology run 2 graded by code

Yes. E01's FC LTIDR is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R6 rdf+ontology run 3 graded by code

Yes. E01's current long-term rating is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R6 rdf+ontology run 4 graded by code

Yes. E01's LTIDR is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R6 rdf+ontology run 5 graded by code

Yes. E01's rating is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R5 csv+ontology run 1 graded by code

Yes. The LTIDR FC is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R5 csv+ontology run 2 graded by code

Yes. The LTIDR is BBB (A02, affirmed in A03), which is investment grade.

JSON: {"investment_grade": "yes"}

✅ R5 csv+ontology run 3 graded by code

Yes. The rating is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R5 csv+ontology run 4 graded by code

Yes. The rating is BBB (A02, affirmed by A03).

JSON: {"investment_grade": "yes"}

✅ R5 csv+ontology run 5 graded by code

Yes. The LTIDR is BBB (A02, affirmed in A03).

JSON: {"investment_grade": "yes"}

✅ R4 csv+markdown run 1 graded by code

Yes. The FC LTIDR is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R4 csv+markdown run 2 graded by code

Yes. E01's FC LTIDR is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R4 csv+markdown run 3 graded by code

Yes. E01's LTIDR FC is BBB (A03), which is investment grade.

JSON: {"investment_grade": "yes"}

✅ R4 csv+markdown run 4 graded by code

Yes. The LTIDR is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R4 csv+markdown run 5 graded by code

Yes. E01's LTIDR FC is BBB (A03).

JSON: {"investment_grade": "yes", "rating": "BBB"}

✅ R3 csv+padding run 1 graded by code

Yes. E01 is rated BBB (A03), which is investment grade.

JSON: {"investment_grade": "yes"}

✅ R3 csv+padding run 2 graded by code

Yes. The rating is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R3 csv+padding run 3 graded by code

Yes. E01's LTIDR is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R3 csv+padding run 4 graded by code

Yes. BBB is investment grade (A03).

JSON: {"investment_grade": "yes"}

✅ R3 csv+padding run 5 graded by code

Yes. E01's LTIDR is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R10 executed run 1 graded by code

Yes. The issuer rating is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R10 executed run 2 graded by code

Yes. The issuer rating is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R10 executed run 3 graded by code

Yes. The issuer rating is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R10 executed run 4 graded by code

Yes. E01's LTIDR is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R10 executed run 5 graded by code

Yes. E01's LTIDR is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R7 csv+neutral run 1 graded by code

Yes. E01's LTIDR is BBB (A03), which is investment grade.

JSON: {"investment_grade": "yes"}

✅ R7 csv+neutral run 2 graded by code

Yes. Kestrel's LTIDR is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R7 csv+neutral run 3 graded by code

Yes. The LTIDR is BBB (A03), which is investment grade.

JSON: {"investment_grade": "yes"}

✅ R7 csv+neutral run 4 graded by code

Yes. E01's LTIDR is BBB (A03), which is investment grade.

JSON: {"investment_grade": "yes"}

✅ R7 csv+neutral run 5 graded by code

Yes. E01's LTIDR is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R8 csv+axioms run 1 graded by code

Yes. The LTIDR is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R8 csv+axioms run 2 graded by code

Yes, BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R8 csv+axioms run 3 graded by code

Yes. The issuer rating is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R8 csv+axioms run 4 graded by code

Yes. The LTIDR is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R8 csv+axioms run 5 graded by code

Yes. The LTIDR is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R9 csv+axioms+markdown run 1 graded by code

Yes. The LTIDR is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R9 csv+axioms+markdown run 2 graded by code

Yes. The LTIDR is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R9 csv+axioms+markdown run 3 graded by code

Yes. Its LTIDR is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R9 csv+axioms+markdown run 4 graded by code

Yes. E01's LTIDR is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R9 csv+axioms+markdown run 5 graded by code

Yes. E01's LTIDR FC is BBB (A03).

JSON: {"investment_grade": "yes"}