I'll try to read this research note. Maybe I'm biased. I used to work at Moody's and then 2 or so jobs later structured some pretty substantial bond issuances

I'll try to read this research note. Maybe I'm biased. I used to work at Moody's and then 2 or so jobs later structured some pretty substantial bond issuances that they rated (and my manager at that gig came from S&P, and one of my colleagues quit to become an analyst at Fitch). They have some very good analysts, not usually given to making policy type statements like this except where it impacts the issuer's revenue and capital structure that determines how well they're able to pay P&I on bonds. So without reading the note I would say it's pretty significant