This will make debt more attractive for companies that produce something. At the moment the fact that leases are not visible drives productive companies to rent

This will make debt more attractive for companies that produce something. At the moment the fact that leases are not visible drives productive companies to rent equipment instead of renting money. The big beneficiary were GE Capital and the like that in turn rented the money often at a discount. Leasing companies will continue to enjoy some economies of scale but have lost a strategic advantage. Any effect this rule change will have on companies will show up magnified in the leasing companies.