noun
a reduction in rank, status, or importance
verb
to lower in rank, status, or importance
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The decision to downgrade the company's credit rating was met with concern from investors.
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I heard they're going to downgrade the software because of all the bugs.
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They're gonna downgrade her status from bestie to acquaintance after what she did.
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She felt like life had decided to downgrade her from the VIP section to the nosebleed seats.