I think the card that day at Newbury needs treating with caution.
In the Hungerford itself, I had Beacon Lodge going into the race on a rating of 111. The official wfa allowance at the time was 6lbs (cf Timeform’s 4lb) so Excelebration gave Beacon Lodge a 15.4lbs beating, plus 2lbs for being that amount wrong on the official scale and since he is recorded as having won “readily”, I’m happy to round it up to a total of 18lbs. Assuming Beacon Lodge ran to 111, it is not hard to argue that Excelebration ran to 129. If Timeform had Beacon Lodge on a more generous mark than mine then that would lead to a higher rating for the winner although Timeform should not make any allowance for wfa on the day.
This would imply that the third, Musir, ran below his earlier form abroad. He was running for the first time since Sha Tin in April, so that isn’t hard to accept.
Dubawi Gold is not the best candidate as a marker for the race as he ran badly the time before and was only a length closer to Excelebration than that day despite not getting the best of runs, while The Cheka was marginally closer to Beacon Lodge than he had been two runs earlier but hadn’t matched that figure in between. Lines with Libranno and Doncaster Rover take us in a number of directions.
The times offer only limited help. Excelebration was 34lbs faster than Covert Decree (OR 73) later in the day, 30lbs faster than Anatolian (OR 82) and 23lbs faster than the winner of the opening handicap Directorship (OR 86). These suggest Excelebration running to somewhere between 107 and 118 (after wfa adjustments) plus an allowance for a margin of superiority over handicap marks. I’d say it still falls some way short of 133.
I originally went on the low side with my figures because I felt Beacon Lodge didn’t get the best tactical ride on the day, being steadied at the start and held up off a moderate pace, trying to give a clearly superior horse in Excelebration a start and first run. He probably did well to finish second. I’m not sure any of the others can be taken as reliable markers because it wasn’t a true pace and they weren’t the most consistent performers.
I don’t mind being proved wrong in the longer term as long as I learn from it but I compile my own figures so there will always be an element of subjectivity involved. I’d say Beacon Lodge probably ran a few pounds off his best, putting Excelebration somewhere in the mid-120s, which is still pretty high for a G2. I can think of plenty of G1 races in which the winners don’t get near that.
Subsequent lines with Rio De La Plata and Dubawi Gold suggest that Excelebration ran pretty much to the same level in the Moulin and QE2, so why should I believe he ran so much better in the Hungerford? I have Rio De La Plata as a solid marker on 117 and that would suggest Dubawi Gold’s form eventually levelled out at around 114 so any early-season lines between him and Frankel could be called into question.
Using ORs and Simon Rowlands’s standardisation procedures by my reckoning puts Excelebration on 121-122.