Who knows, it could have even have been unbranded Reynolds without the frame stickers being applied?. The big cost increment in bicycle frames is not between gas pipe and cro-moly, but between plain gauge tubing and butted tubing - because of the amount of butting reworking involved of the raw tubes that start out as plain gauge.
All manufacturers like to maintain a clear price and quality hierarchy both in frames and mechanical bits. The thinking is small incremental spec differences help them upsell a bike to a customer that is one notch higher up the ladder than the customer originally intended to buy.