The most common and most likely answer to this crossword clue is the 6 plus 4 letter word SECOND RATE
I've seen this crossword clue in Financial Times
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More clues leading to the result SECOND RATE
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The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does SECOND RATE mean?
SECOND RATE noun- A British ship-of-the-line sail warship having 90 to 98 guns dispersed on three gundecks.
- Of mediocre quality; not first class.