The most common and most likely answer to this crossword clue is the 9 letter word TOP-SHELF
I've seen this crossword clue in Financial Times
T
O
P
-
S
H
E
L
F
More clues leading to the result TOP-SHELF
Buddy explains!
The straight part
We know that "X-rated" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case x-rated = top-shelf.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 TOP-SHELF mean?
TOP-SHELF adjective- Best, or high quality.
- Describing books, magazines, or movies that have adult content or softcore pornography.