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That’s a very good question and one that I have pondered myself. I do my own ratings from time to time, particularly in higher class races. I find it useful not to look at the type of race but the race value to determine what the horse did and the company it was doing it in. This gives you a rating of a sort but delving too deeply can give a misleading picture.
For example; a horse finishing 12L 3rd of 8 in a Group One race may very well have a similar finishing position in a Class B HCP, although it appears to be dropping in class, it’s class in fact may not have been established, only the opinion of the Trainer or Owners.
I hope this helps.