The gist I get from reading Parrot and Zandi's impicit guarantee argument is that it's less of a counter-argument and more of a concern and acknowledgement that Trump's already going ahead with the privatization as they please. I find it hard to believe this is the reason for the pullback today.
They also acknowledge that "given their much-improved capital position, their expanded line to Treasury, their more conservative underwriting standards, and stricter regulatory oversight, their standalone ratings this time around would be much higher than their stand-alone ratings of a decade ago, but at best they would likely be consistent with large SIFI banks"
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