Recently, people have been switching to EN 13537 rating for sleeping bags. Scientifically based. A 0 degree bag should be good down to 0 degrees for an average person (although there are still differences between people). You can compare bags of different manufacruers.
Before this, manufacturers were more optimisitic and there was more variation between manufacturers. If one rates a bag as 0 degrees, but another rates the same bag at -10 degrees, they will probably sell more so there was a lot of pressure to be optimistic.
So, in that sense, ratings have been deflated in the last few years, and should remain constant as long as they continue EN rating.
The loft is an imperfect measure of warmth. Mainly, down requires more thickness to provide the same warmth as synthetic. But, it's a lot less dense so warmth per weight is a lot less. Also, you can put more down in the same baffles without increasing the loft, and it will still be warmer. I don't know if there's a difference between different fill powers and loft required to get the same warmth – it may be that higher fill power actually requires more loft to get the same warmth. And after you've used a bag and it's absorbed oil or whatever, it may require more loft to get the same warmth.
But, I would think if two down bags had the same loft, they would probably provide about the same warmth.