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 2026-11-05-2135-haiku

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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
E01's issuer rating is BBB (A03, NEG).

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. Kestrel's FC issuer rating is BBB (A03), which is investment grade.

JSON: {"investment_grade": "yes"}

✅ R1 csv run 4 graded by code

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

JSON: {"investment_grade": "yes"}

✅ R1 csv run 5 graded by code

Yes. The FC issuer rating is BBB (A03), which is investment grade.

JSON: {"investment_grade": "yes"}

✅ R2 rdf run 1 graded by code

Yes. The issuer rating is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R2 rdf run 2 graded by code

Yes. Its latest issuer rating is BBB (A03, 2026-02-10).

JSON: {"investment_grade": "yes"}

✅ R2 rdf run 3 graded by code

Yes. Its latest issuer rating is BBB (A03), which is investment grade.

JSON: {"investment_grade": "yes"}

✅ R2 rdf run 4 graded by code

Yes. Kestrel's latest issuer rating is BBB (A03, 2026-02-10), which is investment grade.

JSON: {"investment_grade": "yes"}

✅ R2 rdf run 5 graded by code

Yes. E01's issuer rating is BBB (A03, LTIDR, 2026-02-10).

JSON: {"investment_grade": "yes"}

✅ R6 rdf+ontology run 1 graded by code

Yes, BBB.
E01's issuer rating is A03 (Affirmed BBB, 2026-02-10), which is investment grade.

JSON: {"investment_grade": "yes"}

✅ R6 rdf+ontology run 2 graded by code

Yes. E01's latest long-term FC rating is BBB (A03), which is investment grade.

JSON: {"investment_grade": "yes"}

✅ R6 rdf+ontology run 3 graded by code

Yes. The latest FC issuer rating is BBB (A03, AF, 2026-02-10), which is investment grade.

JSON: {"investment_grade": "yes"}

✅ R6 rdf+ontology run 4 graded by code

Yes. The current FC issuer rating is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R6 rdf+ontology run 5 graded by code

Yes
E01's latest FC long-term rating is BBB (A03, 2026-02-10), which is investment grade.

JSON: {"investment_grade": "yes"}

✅ R5 csv+ontology run 1 graded by code

Yes. E01's issuer rating is BBB (A03, AF, 2026-02-10), which is investment grade.

JSON: {"investment_grade": "yes"}

✅ R5 csv+ontology run 2 graded by code

Yes, BBB. A03 (2026-02-10, AF BBB) is the current FC issuer rating, which is investment grade.

JSON: {"investment_grade": "yes"}

✅ R5 csv+ontology run 3 graded by code

Yes
E01's FC issuer rating is BBB (A03, 2026-02-10), which is investment grade.

JSON: {"investment_grade": "yes"}

✅ R5 csv+ontology run 4 graded by code

Yes. A03 (AF, BBB, 2026-02-10) is the latest LTIDR, and BBB is investment grade.

JSON: {"investment_grade": "yes"}

✅ R5 csv+ontology run 5 graded by code

Yes. E01's long-term rating is BBB (A03), which is investment grade.

JSON: {"investment_grade": "yes"}

✅ R4 csv+markdown run 1 graded by code

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

JSON: {"investment_grade": "yes"}

✅ R4 csv+markdown run 2 graded by code

Yes. A03 (2026-02-10) rated the long-term issuer rating BBB, which is investment grade (outlook NEG).

JSON: {"investment_grade": "yes"}

✅ R4 csv+markdown run 3 graded by code

Yes, BBB. A03 affirmed the long-term FC rating at BBB. (E01)

JSON: {"investment_grade": "yes"}

✅ R4 csv+markdown run 4 graded by code

Yes. Kestrel's FC issuer rating is BBB (A02, A03).

JSON: {"investment_grade": "yes"}

✅ R4 csv+markdown run 5 graded by code

Yes. Kestrel's FC issuer rating is BBB (A03, outlook NEG), which is investment grade.

JSON: {"investment_grade": "yes"}

✅ R3 csv+padding run 1 graded by code

Yes. The issuer rating is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R3 csv+padding run 2 graded by code

Yes. Its issuer rating is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R3 csv+padding run 3 graded by code

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

JSON: {"investment_grade": "yes"}

✅ R3 csv+padding run 4 graded by code

Yes. The issuer rating is BBB (A03, 2026-02-10), which is investment grade.

JSON: {"investment_grade": "yes"}

✅ R3 csv+padding run 5 graded by code

Yes. The issuer rating is BBB (A03, 2026-02-10).

JSON: {"investment_grade": "yes"}

✅ R10 executed run 1 graded by code

Yes. E01's current issuer rating is BBB, which is investment grade.

JSON: {"investment_grade": "yes"}

✅ R10 executed run 2 graded by code

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

JSON: {"investment_grade": "yes"}

✅ R10 executed run 3 graded by code

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

JSON: {"investment_grade": "yes"}

✅ R10 executed run 4 graded by code

Yes. Kestrel Energy (E01) has a BBB issuer rating (A03).

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

✅ R10 executed run 5 graded by code

Yes. E01's current FC issuer rating is BBB (A03), which is investment grade.

JSON: {"investment_grade": "yes"}

✅ R7 csv+neutral run 1 graded by code

Yes. The long-term FC rating is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R7 csv+neutral run 2 graded by code

Yes. The issuer rating is BBB with a Negative outlook (A03), which is investment grade.

JSON: {"investment_grade": "yes"}

✅ R7 csv+neutral run 3 graded by code

Yes. Kestrel's FC issuer rating is BBB (A03), which is investment grade.

JSON: {"investment_grade": "yes"}

✅ R7 csv+neutral run 4 graded by code

Yes. The current issuer rating is BBB (A03), which is investment grade.

JSON: {"investment_grade": "yes"}

✅ R7 csv+neutral run 5 graded by code

Yes. Its current issuer rating is BBB (A03).

JSON: {"investment_grade": "yes"}

✅ R8 csv+axioms run 1 graded by code

Yes. Its issuer rating is BBB (A02, A03), which is investment grade.

JSON: {"investment_grade": "yes"}

✅ R8 csv+axioms run 2 graded by code

Yes. E01's FC long-term issuer rating is BBB (A03), which is investment grade.

JSON: {"investment_grade": "yes"}

✅ R8 csv+axioms run 3 graded by code

Yes. E01's issuer rating is BBB (A02, A03), which is investment grade.

JSON: {"investment_grade": "yes"}

✅ R8 csv+axioms run 4 graded by code

Yes. E01's LTIDR is BBB (A03, 2026-02-10), which is investment grade.

JSON: {"investment_grade": "yes"}

✅ R8 csv+axioms run 5 graded by code

Yes, BBB. Kestrel's current LTIDR FC rating is BBB (A03).

JSON: {"investment_grade": "yes"}

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

Yes. Kestrel's FC issuer rating is BBB (A03), which is investment grade.

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

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

Yes.
Kestrel's latest FC long-term rating is BBB (A03, 2026-02-10), which is investment grade.

JSON: {"investment_grade": "yes"}

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

Yes. The latest FC long-term rating is BBB (A03, 2026-02-10).

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

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

Yes. Kestrel's long-term FC issuer rating is BBB (A03), which is investment grade.

JSON: {"investment_grade": "yes"}

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

Yes. Kestrel's headline FC issuer rating is BBB (A03), which is investment grade.

JSON: {"investment_grade": "yes"}