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 2026-11-05-2135-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

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

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

✅ R1 csv run 2 graded by code

The guarantor, Halden Bank (E10), rated BBB+. I05 is guaranteed by E10, whose rating is BBB+ after A27 (2026-04-15).

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

✅ R1 csv run 3 graded by code

The guarantor, E10 (Halden Bank), rated BBB+. I05's guarantor is E10, and A27/A29 put it at BBB+.

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

✅ R1 csv run 4 graded by code

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

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

✅ R1 csv run 5 graded by code

The guarantor, E10 (Halden Bank AG), rated BBB+. I05 is issued by E11 but guaranteed by E10. E10 was downgraded to BBB+ in A27.

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

✅ R2 rdf run 1 graded by code

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

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

✅ R2 rdf run 2 graded by code

E10 (Halden Bank), rated BBB+. I05 is issued by E11 and guaranteed by E10, and the I05 rating is BBB+ (A29).

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

✅ R2 rdf run 3 graded by code

The holder takes the risk of E10 (Halden Bank), the guarantor of I05. E10 is currently BBB+ (A27, 2026-04-15), and I05 is also BBB+ (A29).

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

✅ R2 rdf run 4 graded by code

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

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

✅ R2 rdf run 5 graded by code

The guarantor, E10, currently rated BBB+ (A27, downgraded from A-). I05 is issued by E11 and guaranteed by E10.

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

✅ R6 rdf+ontology run 1 graded by code

E10, the guarantor of I05, rated BBB+ (A27 downgrade of 2026-04-15).

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

✅ R6 rdf+ontology run 2 graded by code

The holder takes E10's credit risk (guarantor of I05). The note is rated BBB+ (A29), in line with E10's current BBB+.

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

✅ R6 rdf+ontology run 3 graded by code

A holder takes E10's credit risk, because I05 is guaranteed by E10. E10 is rated BBB+ after A27.

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

✅ R6 rdf+ontology run 4 graded by code

The credit risk of E10, rated BBB+. I05 is guaranteed by E10, whose current rating is BBB+ after A27.

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

✅ R6 rdf+ontology run 5 graded by code

E10 (Halden Bank), rated BBB+. The note I05 is guaranteed by E10, whose rating was cut to BBB+ on 2026-04-15 (A27).

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

✅ R5 csv+ontology run 1 graded by code

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

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

✅ R5 csv+ontology run 2 graded by code

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

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

✅ R5 csv+ontology run 3 graded by code

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

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, whose rating is BBB+ after A27.

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

✅ R5 csv+ontology run 5 graded by code

The guarantor E10, Halden Bank. I05 is guaranteed by E10 and rated BBB+ (A29).

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

✅ R4 csv+markdown run 1 graded by code

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

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

✅ R4 csv+markdown run 2 graded by code

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

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

✅ R4 csv+markdown run 3 graded by code

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

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

✅ R4 csv+markdown run 4 graded by code

The holder takes E10 (Halden Bank) risk, rated BBB+. I05 is guaranteed by E10, whose rating was cut to BBB+ by A27.

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

✅ R4 csv+markdown run 5 graded by code

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

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

✅ R3 csv+padding run 1 graded by code

E10, the guarantor of I05, rated BBB+ (A27; I05 is also BBB+ per A29).

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

✅ R3 csv+padding run 2 graded by code

E10 (Halden Bank), rated BBB+. I05 is issued by E11 but guaranteed by E10 (instruments.csv), and it was downgraded to BBB+ along with E10 (A27, A29).

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

✅ R3 csv+padding run 3 graded by code

Halden Bank (E10), rated BBB+. I05 is guaranteed by E10 (downgraded by A27 and A29).

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

✅ R3 csv+padding run 4 graded by code

E10 (Halden Bank), rated BBB+. I05 is issued by E11 but guaranteed by E10 (A29, BBB+).

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

✅ R3 csv+padding run 5 graded by code

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

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

✅ R10 executed run 1 graded by code

E10 (Halden Bank), rated BBB+. I05 is guaranteed by E10 (`credit_risk_of` E10), and I05 is rated BBB+ (A29).

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

✅ R10 executed run 2 graded by code

E10 (Halden Bank), rated BBB+. I05 names E10 as guarantor and credit_risk_of, and E10's LTIDR is now BBB+ (A27).

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

✅ R10 executed run 3 graded by code

E10, the guarantor, at BBB+. I05 names E10 as `credit_risk_of`, and I05 is rated BBB+ (A29).

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

✅ R10 executed run 4 graded by code

It takes E10's credit risk, rated BBB+. I05 is issued by E11 and guaranteed by E10 (A27); I05 is also rated BBB+ (A29).

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

✅ R10 executed run 5 graded by code

E10 (Halden Bank), rated BBB+. E10 guarantees I05, and I05's open rating is BBB+ (A29).

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

✅ R7 csv+neutral run 1 graded by code

The holder takes Halden Bank's credit risk (E10), because it guarantees I05. E10 is rated BBB+ (A27), and I05 is also BBB+ (A29).

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

✅ R7 csv+neutral run 2 graded by code

The holder takes the credit risk of E10, rated BBB+. I05 is guaranteed by E10, and E10's issuer rating (A27) and I05's rating (A29) are both BBB+.

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

✅ R7 csv+neutral run 3 graded by code

E10 (Halden Bank), rated BBB+. I05 is guaranteed by E10, whose rating was cut to BBB+ by A27 (the instrument's own A29 agrees).

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

✅ R7 csv+neutral run 4 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+"}

✅ R7 csv+neutral run 5 graded by code

Halden Bank (E10), rated BBB+. I05's guarantor is E10, and A27 downgraded E10 to BBB+.

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

✅ R8 csv+axioms run 1 graded by code

The holder takes the risk of E10, the guarantor of I05, whose rating is BBB+ (A27).

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

✅ R8 csv+axioms run 2 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+"}

✅ R8 csv+axioms run 3 graded by code

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

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

✅ R8 csv+axioms run 4 graded by code

Halden Bank (E10), rated BBB+. I05 is guaranteed by E10, whose current rating is BBB+ (A27, 2026-04-15).

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

✅ R8 csv+axioms run 5 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+"}

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

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

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

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

E10's credit risk, rated BBB+. I05 is guaranteed by E10, whose current rating is BBB+ (A27).

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

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

Halden Bank (E10), and the note is rated BBB+. I05 is guaranteed by E10, and A29 and A27 both give BBB+.

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

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

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

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

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

E10, rated BBB+. I05 is guaranteed by E10, whose LTIDR became BBB+ on 2026-04-15 (A27).

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