Pinatubo deserves mark higher than Frankel but there's little depth behind

Last year's outstanding two-year-old was undoubtedly Pinatubo and his achievements have rightly been recognised in no uncertain terms by the European Thoroughbred Rankings committee.

By awarding Pinatubo an official rating of 128, the committee are saying Godolphin's star performer was a better two-year-old than Frankel – and the best two-year-old since 1994 champion Celtic Swing, who earned a mark of 130.

Behind the poster boy, however, there is a notable lack of overall depth – just 40 horses have been awarded a rating of 110 or higher, the lowest such figure in the past 20 years and more than 15 per cent below the ten-year average.