The crux of this article is that they won't treat Meta's debt as debt, because Meta intentionally structured this debt to circumvent the agencies' definition of "debt." Should they change their definition of "debt?" Maybe, but what incentive do they have to do that, is any formal definition bulletproof to circumvention, etc.

What's very interesting to me is what happens when Meta doesn't exercise those lease options. If there isn't some kind of penalty for declining the option, well...