Down a level French word indeed! (7)

I believe the answer is:

demoted

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But I can't explain it at all! Could you help me understand?

(Other definitions for demoted that I've seen before include "Put down in rank" , "Reduced in rank" , "Downgraded" , "Relegated" , "Slippery fish" .)

I've seen this clue in the Sydney Morning Herald.

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