Source : Webster's Revised Unabridged Dictionary (1913)

Rate \Rate\, v. t. [imp. & p. p. {Rated}; p. pr. & vb. n.
   {Rating}.]
   1. To set a certain estimate on; to value at a certain price
      or degree.

            To rate a man by the nature of his companions is a
            rule frequent indeed, but not infallible. --South.

            You seem not high enough your joys to rate.
                                                  --Dryden.

   2. To assess for the payment of a rate or tax.

   3. To settle the relative scale, rank, position, amount,
      value, or quality of; as, to rate a ship; to rate a
      seaman; to rate a pension.

   4. To ratify. [Obs.] ``To rate the truce.'' --Chapman.

   {To rate a chronometer}, to ascertain the exact rate of its
      gain or loss as compared with true time, so as to make an
      allowance or computation depended thereon.

   Syn: To value; appraise; estimate; reckon.

Source : WordNet®

rating
     n 1: an appraisal of the value of something; "he set a high
          valuation on friendship" [syn: {evaluation}, {valuation}]
     2: act of ascertaining or fixing the value or worth of [syn: {evaluation}]
     3: standing or position on a scale
     4: rank in a military organization [syn: {military rank}, {military
        rating}, {paygrade}]