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My understanding of the reholder/relabel process has been that the card undergoes a grade review as well, but I can't speak to that for sure. (As many here know, I worked at SGC for a period of time up until 2010). Seeing the card in a new label certainly made us feel that SGC stood behind the grade.
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I know an owner of a lot of the old labeled 1950's red man cards and he was told he had to resubmit for review any in the old label to see if they would qualify to be put in the new labeled holders. It was not just a simple reholdering process.
If the policy has not changed at SGC, I would venture to guess today's SGC
stands behind the grade too.