Level junction of street and a road (8)

I believe the answer is:

standard

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'level junction' is the definition.
'standard' can be an answer for 'level' (I have seen 'Level of quality ' mean 'standard' so perhaps 'level' could also mean 'standard'). I am not sure about the 'junction' bit.

'street and a road' is the wordplay.
'street' becomes 'st' (abbreviation).
'road' becomes 'rd' (abbreviation).
'st'+'and'+'a'+'rd'='STANDARD'

'of' is the link.

Can you help me to learn more?

(Other definitions for standard that I've seen before include "Touchstone, benchmark 98)" , "Stock - basic - flag" , "Reference point against which other things can be evaluated" , "type of flag" , "Flag - accepted level" .)

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

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