That being said I think there should be an independent organization in charge of defining what is and is not triple A. Like if you buy the game and it still has micro-transactions and loot-boxes it should be disqualified from being considered AAA. I don't think having a large budget by itself should be enough.
That shouldn't be possible, but that's what marketing does: it uses whatever words purport to convey quality and beat that word dead then keep going.
IMO, an AAA studio should be a studio that released and keeps releasing games that are highly rated. Budget, name, location, or whatever else shouldn't matter one bit. Make good games, that's what matters. Who gives a shit if it cost 10 billion to make a shit game. Doesn't make you AAA.
That seems to only be the headline that makes such a bold claim. The article text says that they've got people on board with AAA experience and that they feel like they could tackle a project with AAA budget. Now, it's up to potential investors to determine the actual budget...