1. To be considered as having particular rank, designation, or characterization. The company still rates as one of the most profitable businesses in the world. Some of it has become pretty clichéd by today's standards, but I'd say it still rates as a fantastic horror movie in its own right.

2. To consider someone or something to have a particular rate, designation, or characterization. In this usage, a noun or pronoun is used between "rate" and "as." I'd have to rate that as one of the most thrilling experiences of my life. I still rate Tom as a great writer, even if his last book was a little underwhelming.