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 2026-11-05-1227-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

A holder takes the risk of Northwind Holdings (E02), the guarantor of I03, rated A (A09 via E03, same LEI).

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

✅ R1 csv run 2 graded by code

The holder takes the credit risk of Northwind Holdings (E02), the guarantor of I03, which is rated A (A08, A09).

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

✅ R1 csv run 3 graded by code

The holder takes E02's risk as guarantor of I03, and E02 is rated A. The rating comes from A09 on E03, which is the same entity as E02, and A11 also affirms I03 at A.

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

✅ R1 csv run 4 graded by code

The guarantor, Northwind Holdings (E02), rated A. I03 is issued by E04 and guaranteed by E02, and the latest A rating is A09/A11 (E03 is the same entity as E02).

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

✅ R1 csv run 5 graded by code

E02, rated A. I03 is issued by E04 but guaranteed by E02, so the holder takes the guarantor's risk; A11 and A09 rate it A.

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 (A10, A11).

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

✅ R2 rdf run 2 graded by code

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

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

✅ R2 rdf run 3 graded by code

The guarantor, E02. The I03 notes are issued by E04 but guaranteed by E02, and I03 is rated A (A10, A11), in line with E02's A.

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

✅ R2 rdf run 4 graded by code

E02, rated A. I03 is issued by E04 and guaranteed by E02, and its rating (A10/A11) matches E02's A (A08/A09).

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

✅ R2 rdf run 5 graded by code

The guarantor E02 (Northwind Holdings), rated A. I03 is issued by E04 but guaranteed by E02 (A08, 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, and the E02/E03 entity's latest rating is A (A09).

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

✅ R6 rdf+ontology run 2 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).

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

✅ R6 rdf+ontology run 3 graded by code

E02, rated A. I03 is guaranteed by E02 (the issuer E04 is a finance subsidiary), so the holder takes the parent's risk, and E02/E03's latest rating is A (A09).

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

✅ R6 rdf+ontology run 4 graded by code

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

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

✅ R6 rdf+ontology run 5 graded by code

E02 (Northwind Holdings), rated A. I03 is guaranteed by E02, and the entity's latest long-term rating is A (A09).

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

✅ R5 csv+ontology run 1 graded by code

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

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

✅ R5 csv+ontology run 2 graded by code

The holder takes Northwind Holdings' credit risk, rated A. I03 is guaranteed by E02, whose latest LTIDR FC (A09, recorded on its duplicate E03) is A.

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, whose current rating is A (A09 on the same entity via E03).

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

✅ R5 csv+ontology run 4 graded by code

The guarantor, Northwind Holdings (E02), rated A. I03 is guaranteed by E02, whose latest rating is A (A09).

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

✅ R5 csv+ontology run 5 graded by code

The holder takes the credit risk of E02 (Northwind Holdings), rated A. I03 is guaranteed by E02, so it follows the guarantor's rating, and E02/E03's latest LTIDR is A (A09).

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

✅ R4 csv+markdown run 1 graded by code

The holder takes the credit risk of Northwind Holdings (E02), rated A. I03 is guaranteed by E02, whose latest rating is A (A09 via E03).

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

✅ R4 csv+markdown run 2 graded by code

E02, rated A. I03 is guaranteed by E02, so the holder takes the parent's risk, and E02/E03 (A08, A09) is rated A.

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

✅ R4 csv+markdown run 3 graded by code

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

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

✅ R4 csv+markdown run 4 graded by code

The holder takes the credit risk of E02, Northwind Holdings, which is rated A. I03 is guaranteed by E02, and A09 affirmed E02 at A.

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, rated A (A09 via E03, same LEI).

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

✅ R3 csv+padding run 1 graded by code

The holder takes the credit risk of the guarantor, Northwind Holdings (E02), rated A. I03 is guaranteed by E02, and the latest actions give A (A09, A11).

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

✅ R3 csv+padding run 2 graded by code

E02, rated A. I03 is guaranteed by E02, and E02 is rated A via A08 and A09 (E03 is the same entity).

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

✅ R3 csv+padding run 3 graded by code

The holder takes the credit risk of E02, rated A. I03 is issued by E04 but guaranteed by E02 (A08, A09).

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

✅ R3 csv+padding run 4 graded by code

E02, rated A. I03 is issued by E04 but guaranteed by E02 (instruments.csv), and E02's rating is A (A09 on its duplicate E03).

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

✅ R3 csv+padding run 5 graded by code

The holder takes the risk of E02, the guarantor of I03, rated A (A08, A09).

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

✅ R10 executed run 1 graded by code

Northwind Holdings (E02), via the guarantor. The note (I03) is rated A (A11).

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

✅ R10 executed run 2 graded by code

The holder takes E02 (Northwind Holdings) risk, as guarantor, via I03 (credit_risk_of = E02). I03 is rated A (A11), the same as E02's A (A09).

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

✅ R10 executed run 3 graded by code

The holder takes the risk of Northwind Holdings (E02), via the guarantee on I03. E02 is rated A, and I03 is also A (A09, A11).

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

✅ R10 executed run 4 graded by code

E02 (Northwind Holdings), rated A. I03 has credit_risk_of E02 as guarantor, and its current rating is A (A11), matching E02's A (A09).

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

✅ R10 executed run 5 graded by code

E02 (Northwind Holdings), rated A. I03 is issued by E04 but guaranteed by E02, and credit_risk_of is E02. E02's LTIDR is A (A09), and I03 is also A (A11).

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

✅ R7 csv+neutral run 1 graded by code

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

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

✅ R7 csv+neutral run 2 graded by code

The holder takes Northwind Holdings' (E02) credit risk, rated A. I03 is guaranteed by E02, whose latest rating is A (A09, recorded against E03).

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

✅ R7 csv+neutral run 3 graded by code

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

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

✅ R7 csv+neutral run 4 graded by code

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

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

✅ R7 csv+neutral run 5 graded by code

The holder takes E02's credit risk, which is rated A. I03 is guaranteed by E02, and E02's latest LTIDR is A (A09, on the duplicate record E03).

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

✅ R8 csv+axioms run 1 graded by code

E02, rated A. I03 is guaranteed by E02 (so the risk is the guarantor's), and E02's in-force rating is A (A09).

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

✅ R8 csv+axioms run 2 graded by code

E02 (Northwind Holdings), rated A. I03 is guaranteed by E02, and the current rating is A (A09/A08).

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

✅ R8 csv+axioms run 3 graded by code

The credit risk is E02's, rated A. I03 is guaranteed by E02, and the current rating is A09 (recorded under E03, the same entity).

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

✅ R8 csv+axioms run 4 graded by code

E02, rated A. I03 is guaranteed by E02 (the guarantor's risk applies), and the current rating is A09 (A).

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

✅ R8 csv+axioms run 5 graded by code

Northwind Holdings (E02) is rated A. I03 is guaranteed by E02, so the guarantor's credit risk applies, and A09/A11 give A.

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

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

E02, rated A. I03 is guaranteed by E02, so the holder takes the guarantor's risk, and E02's current rating is A (A09).

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

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

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

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

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

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

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

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

The credit risk of E02 (Northwind Holdings), rated A. I03 is guaranteed by E02, so it carries the guarantor's risk, and E02's current LTIDR (FC) is A (A09).

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

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

E02 (Northwind Holdings), rated A. I03 is guaranteed by E02, so the holder takes the guarantor's risk. E02's current LTIDR FC is A (A08, affirmed by A09).

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