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.

Q3, run 2026-11-05-2135-sonnet

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Is Kestrel Energy's 2031 note investment grade?

Tests: Issuer versus instrument rating: a subordinated instrument is notched below the issuer.

Expected: investment_grade = no rating = BB+

✅ R1 csv run 1 graded by code

No. I02 (SUB, 2031) was cut to BB+ in A07 (2025-06-20), which is below investment grade.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R1 csv run 2 graded by code

No, it is BB+. The 2031 note is I02, and A07 (2025-06-20) downgraded it from BBB (A23) to BB+.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R1 csv run 3 graded by code

No, BB+. I02 is subordinated and was cut to BB+ in A07, which supersedes A23 (BBB).

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R1 csv run 4 graded by code

No, it is BB+. The 2031 note is I02 (subordinated), downgraded to BB+ in A07 after A23 assigned BBB.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R1 csv run 5 graded by code

No, BB+. The 2031 note is I02, a subordinated note. A07 downgraded it to BB+ on 2025-06-20, after A23 had assigned BBB.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R2 rdf run 1 graded by code

No, it is BB+. The 2031 note is I02 (subordinated): A23 rated it BBB, and A07 downgraded it to BB+ on 2025-06-20.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R2 rdf run 2 graded by code

No, it is BB+. The 2031 note is I02 (subordinated), rated BBB (A23) and cut to BB+ on 2025-06-20 (A07).

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R2 rdf run 3 graded by code

No, it is BB+. The 2031 note is I02, a subordinated note, and A07 downgraded it to BB+ on 2025-06-20.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R2 rdf run 4 graded by code

No. The 2031 note is I02 (subordinated), last rated BB+ by A07 on 2025-06-20, which is below investment grade.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R2 rdf run 5 graded by code

No. The 2031 note (I02) was rated BBB (A23) and downgraded to BB+ (A07, 2025-06-20).

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R6 rdf+ontology run 1 graded by code

No, BB+. The 2031 note is I02, subordinated; A23 assigned BBB and A07 (2025-06-20) downgraded it to BB+.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R6 rdf+ontology run 2 graded by code

No, it is BB+. The 2031 note is I02, subordinated debt of E01, and its latest rating is BB+ (A07, 2025-06-20, down from BBB in A23).

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R6 rdf+ontology run 3 graded by code

No. The 2031 note is I02 (subordinated), rated BB+ after the downgrade A07, which is speculative grade.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R6 rdf+ontology run 4 graded by code

No, BB+. The 2031 note is I02, and its latest rating is BB+ (A07, 2025-06-20).

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R6 rdf+ontology run 5 graded by code

No, BB+. The 2031 note is I02, rated BBB (A23) and then downgraded to BB+ on 2025-06-20 (A07).

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R5 csv+ontology run 1 graded by code

No, BB+. The 2031 note is I02 (subordinated); it was downgraded to BB+ (A07, 2025-06-20).

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R5 csv+ontology run 2 graded by code

No. The 2031 note (I02, subordinated) was downgraded to BB+ (A07), which is speculative grade.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R5 csv+ontology run 3 graded by code

No, it is BB+. The 2031 note I02 is subordinated and was downgraded to BB+ (A07).

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R5 csv+ontology run 4 graded by code

No, it is BB+. I02 is subordinated and was downgraded to BB+ by A07 (2025-06-20).

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R5 csv+ontology run 5 graded by code

No, BB+. I02 is subordinated and was downgraded to BB+ by A07, after being assigned BBB by A23.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R4 csv+markdown run 1 graded by code

No, BB+. The 2031 note is I02, which A07 downgraded to BB+ on 2025-06-20.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R4 csv+markdown run 2 graded by code

No. The 2031 note is I02, which is subordinated. A07 (2025-06-20) downgraded it to BB+, which is speculative grade.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R4 csv+markdown run 3 graded by code

No. I02 is rated BB+ after the downgrade A07, and BB+ is speculative grade.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R4 csv+markdown run 4 graded by code

No, BB+. The 2031 note I02 is subordinated. A23 assigned BBB, then A07 downgraded it to BB+.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R4 csv+markdown run 5 graded by code

No, BB+. I02 is rated BB+ after A07, a downgrade from BBB in A23.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R3 csv+padding run 1 graded by code

No, BB+. The 2031 note is I02 (subordinated), downgraded to BB+ by A07, below the BBB- cut-off.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R3 csv+padding run 2 graded by code

No, BB+. The 2031 note is I02 (subordinated), cut from BBB to BB+ on 2025-06-20 (A23, A07).

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R3 csv+padding run 3 graded by code

No, BB+. I02 (subordinated, issuer E01) was downgraded to BB+ by A07.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R3 csv+padding run 4 graded by code

No, BB+. The 2031 note is I02 (subordinated); A07 cut it from BBB (A23) to BB+.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R3 csv+padding run 5 graded by code

No. The 2031 note is I02, downgraded to BB+ on 2025-06-20 (A07).

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R10 executed run 1 graded by code

No, BB+. The 2031 note is I02 (subordinated), currently rated BB+ (A07).

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R10 executed run 2 graded by code

No. The 2031 note is I02, rated BB+ since 2025-06-20 (A07), which is below investment grade.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R10 executed run 3 graded by code

No. Kestrel has two notes, I01 (2030) and I02 (2031). I02 is subordinated and rated BB+, which is below investment grade.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R10 executed run 4 graded by code

No. The 2031 note is I02 (Kestrel Energy 6.25% due 2031, subordinated), rated BB+ after A07.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R10 executed run 5 graded by code

No, BB+. The 2031 note is I02 (subordinated), downgraded to BB+ in A07.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R7 csv+neutral run 1 graded by code

No. The 2031 note I02 is subordinated and was downgraded to BB+ by A07, so it is speculative grade.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R7 csv+neutral run 2 graded by code

No. The 2031 note is I02, subordinated, and it was downgraded to BB+ in A07, which is speculative grade.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R7 csv+neutral run 3 graded by code

No. The 2031 note is I02 (subordinated), downgraded to BB+ by A07, which is speculative grade.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R7 csv+neutral run 4 graded by code

No. The 2031 note is I02, subordinated, and A07 downgraded it to BB+, which is speculative grade.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R7 csv+neutral run 5 graded by code

No, it is BB+. The 2031 note is I02, subordinated: A23 assigned BBB, then A07 downgraded it to BB+ in 2025.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R8 csv+axioms run 1 graded by code

No. The 2031 note is I02 (subordinated), downgraded to BB+ by A07, which is below investment grade.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R8 csv+axioms run 2 graded by code

No. The 2031 note is I02 (subordinated), downgraded to BB+ in A07, which is below investment grade.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R8 csv+axioms run 3 graded by code

No, it is BB+. The 2031 note (I02) was assigned BBB (A23) and downgraded to BB+ on 2025-06-20 (A07).

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R8 csv+axioms run 4 graded by code

No, BB+. The 2031 note is I02, and A07 (2025-06-20) downgraded it from BBB (A23) to BB+.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R8 csv+axioms run 5 graded by code

No, it is BB+. The 2031 note I02 (subordinated) was cut from BBB to BB+ on 2025-06-20 (A23, A07).

JSON: {"investment_grade": "no", "rating": "BB+"}

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

No, BB+. The 2031 note is I02 (subordinated), downgraded to BB+ by A07.

JSON: {"investment_grade": "no", "rating": "BB+"}

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

No. I02 is rated BB+ (A07 downgrade, 2025-06-20), which is speculative grade.

JSON: {"investment_grade": "no", "rating": "BB+"}

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

No, BB+. The 2031 note I02 is subordinated, and A07 downgraded it to BB+ on 2025-06-20, overriding the earlier A23 (BBB).

JSON: {"investment_grade": "no", "rating": "BB+"}

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

No. I02 is subordinated and was downgraded to BB+ by A07 on 2025-06-20, so it is speculative grade.

JSON: {"investment_grade": "no", "rating": "BB+"}

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

No, it is BB+. I02 is subordinated and was downgraded to BB+ on 2025-06-20 (A07).

JSON: {"investment_grade": "no", "rating": "BB+"}