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.

Q33, run 2026-11-05-1227-sonnet

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Whose credit risk does a holder of the Halden Leasing 2028 notes take, and how is it rated?

Tests: Roles: the guarantor is the parent, not the ultimate parent.

Expected: risk_of = E10 rating = BBB+

✅ R1 csv run 1 graded by code

A holder takes the risk of Halden Bank (E10), the guarantor of I05, rated BBB+ (A27).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R1 csv run 2 graded by code

The holder takes the credit risk of Halden Bank (E10), the guarantor of I05, which is rated BBB+ (A27).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R1 csv run 3 graded by code

The holder takes E10's risk as guarantor of I05, and E10 is rated BBB+ (A27). I05 itself is also BBB+ (A29).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R1 csv run 4 graded by code

The guarantor, Halden Bank (E10), rated BBB+ (I05 guarantor E10, A27).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R1 csv run 5 graded by code

E10, rated BBB+. I05 is guaranteed by E10, whose rating is BBB+ after A27, and I05 itself was downgraded to BBB+ by A29.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R2 rdf run 1 graded by code

The guarantor E10, rated BBB+ (A27). I05 is issued by E11 but guaranteed by E10 (A29).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R2 rdf run 2 graded by code

The guarantor E10, rated BBB+. I05 is guaranteed by E10, and A29 downgraded E10 to BBB+ (A27).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R2 rdf run 3 graded by code

The guarantor, E10. I05 is issued by E11 but guaranteed by E10, and I05 is rated BBB+ (A29), matching E10's current rating of BBB+ (A27).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R2 rdf run 4 graded by code

E10, rated BBB+. I05 is guaranteed by E10, and E10 was downgraded to BBB+ in A27.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R2 rdf run 5 graded by code

The guarantor E10 (Halden Bank AG), currently rated BBB+. I05 is issued by E11 and guaranteed by E10 (A27).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R6 rdf+ontology run 1 graded by code

The holder takes E10's credit risk, rated BBB+. I05 is guaranteed by E10, whose latest rating is BBB+ (A27).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R6 rdf+ontology run 2 graded by code

The holder takes E10's credit risk, rated BBB+. I05 is guaranteed by E10, which was downgraded to BBB+ on 2026-04-15 (A27).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R6 rdf+ontology run 3 graded by code

E10, rated BBB+. I05 is guaranteed by E10, whose latest rating is BBB+ after A27.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R6 rdf+ontology run 4 graded by code

The holder takes E10's credit risk, rated BBB+. I05 is guaranteed by E10, whose rating was downgraded to BBB+ in A27.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R6 rdf+ontology run 5 graded by code

E10 (Halden Bank), rated BBB+. I05 is guaranteed by E10, whose latest rating is A27 (BBB+).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R5 csv+ontology run 1 graded by code

The holder takes Halden Bank's credit risk (E10), rated BBB+. I05 is guaranteed by E10, whose rating is BBB+ after A27.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R5 csv+ontology run 2 graded by code

The holder takes Halden Bank's credit risk, rated BBB+. I05 is guaranteed by E10, whose LTIDR was downgraded to BBB+ in A27.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R5 csv+ontology run 3 graded by code

The holder takes Halden Bank's (E10) credit risk, rated BBB+. I05 is guaranteed by E10, and A27 downgraded it to BBB+.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R5 csv+ontology run 4 graded by code

The guarantor, Halden Bank (E10), rated BBB+. I05 is guaranteed by E10, and A27 downgraded E10 to BBB+.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R5 csv+ontology run 5 graded by code

The holder takes the credit risk of E10 (Halden Bank), rated BBB+. I05 is guaranteed by E10, whose latest LTIDR is BBB+ (A27).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R4 csv+markdown run 1 graded by code

The holder takes the credit risk of the guarantor, Halden Bank (E10), rated BBB+ (A27).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R4 csv+markdown run 2 graded by code

E10, rated BBB+. I05 is guaranteed by E10, whose rating was cut to BBB+ in A27.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R4 csv+markdown run 3 graded by code

The holder takes E10's (Halden Bank) credit risk, rated BBB+. I05 is guaranteed by E10, which was downgraded to BBB+ (A27).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R4 csv+markdown run 4 graded by code

The holder takes the credit risk of E10, Halden Bank, which is rated BBB+. I05 is guaranteed by E10, and A27 downgraded E10 to BBB+.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R4 csv+markdown run 5 graded by code

The holder takes the credit risk of E10, the guarantor of I05, rated BBB+ (A27).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R3 csv+padding run 1 graded by code

The holder takes the credit risk of the guarantor, Halden Bank (E10), rated BBB+. I05 is guaranteed by E10, which was downgraded to BBB+ (A27).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R3 csv+padding run 2 graded by code

E10, rated BBB+. E10 guarantees I05, and A27 downgraded it to BBB+.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R3 csv+padding run 3 graded by code

The holder takes the credit risk of E10, the guarantor, rated BBB+ (A27). I05 is issued by E11 and guaranteed by E10.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R3 csv+padding run 4 graded by code

E10, rated BBB+. I05 is guaranteed by E10, which was downgraded to BBB+ on 2026-04-15 (A27).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R3 csv+padding run 5 graded by code

The holder takes the risk of E10, the guarantor of I05, rated BBB+ (A27, A29).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R10 executed run 1 graded by code

Halden Bank (E10), the guarantor. The note (I05) is rated BBB+ (A29).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R10 executed run 2 graded by code

The holder takes E10 (Halden Bank), the guarantor, via I05 (credit_risk_of = E10). I05 is rated BBB+ (A29), the same as E10's BBB+ (A27).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R10 executed run 3 graded by code

The holder takes the risk of Halden Bank (E10), via the guarantee on I05. E10 is rated BBB+ (A27).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R10 executed run 4 graded by code

E10 (Halden Bank), rated BBB+. I05 has credit_risk_of E10 as guarantor, and E10's rating is BBB+ (A27).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R10 executed run 5 graded by code

E10 (Halden Bank), rated BBB+. E10 guarantees I05 (credit_risk_of is E10), and its LTIDR is BBB+ (A27).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R7 csv+neutral run 1 graded by code

The holder takes E10's credit risk, rated BBB+. I05 is guaranteed by E10, and its latest rating is BBB+ (A29), matching E10's current rating (A27).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R7 csv+neutral run 2 graded by code

The holder takes Halden Bank's (E10) credit risk, rated BBB+. I05 is guaranteed by E10, whose latest rating is BBB+ (A27).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R7 csv+neutral run 3 graded by code

Halden Bank (E10), rated BBB+. I05 is guaranteed by E10, and A27 downgraded E10 to BBB+.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R7 csv+neutral run 4 graded by code

The holder takes E10's credit risk (Halden Bank), rated BBB+. I05 is guaranteed by E10, whose LTIDR is BBB+ (A27).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R7 csv+neutral run 5 graded by code

The holder takes E10's credit risk, which is rated BBB+. I05 is guaranteed by E10, and A27 downgraded E10 to BBB+.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R8 csv+axioms run 1 graded by code

E10, rated BBB+. E10 is the guarantor of I05, and A27 is in force.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R8 csv+axioms run 2 graded by code

E10 (Halden Bank), rated BBB+. I05 is guaranteed by E10, and A27 is its current rating.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R8 csv+axioms run 3 graded by code

The credit risk is E10's, rated BBB+. I05 is guaranteed by E10, and A27 downgraded E10 to BBB+.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R8 csv+axioms run 4 graded by code

E10, rated BBB+. I05 is guaranteed by E10, and A27 is its current rating.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R8 csv+axioms run 5 graded by code

Halden Bank (E10) is rated BBB+. E10 guarantees I05, and A27 puts it at BBB+.

JSON: {"risk_of": "E10", "rating": "BBB+"}

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

E10, rated BBB+. I05 is guaranteed by E10, and A27 is its current rating.

JSON: {"risk_of": "E10", "rating": "BBB+"}

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

The holder takes E10's credit risk, rated BBB+. I05 is guaranteed by E10, whose latest action A27 set BBB+.

JSON: {"risk_of": "E10", "rating": "BBB+"}

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

E10, rated BBB+. I05 is guaranteed by E10, whose current LTIDR is BBB+ (A27).

JSON: {"risk_of": "E10", "rating": "BBB+"}

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

The credit risk of E10 (Halden Bank), rated BBB+. I05 is guaranteed by E10, whose LTIDR is BBB+ after A27.

JSON: {"risk_of": "E10", "rating": "BBB+"}

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

E10 (Halden Bank), rated BBB+. I05 is guaranteed by E10, whose LTIDR was downgraded to BBB+ in A27.

JSON: {"risk_of": "E10", "rating": "BBB+"}