Possibly deems to merit only a lesser rank? (7)

I believe the answer is:

demotes

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'merit only a lesser rank?' is the definition.
I can't judge whether this definition defines the answer.

'possibly deems to' is the wordplay.
'possibly' indicates an anagram.
'deems'+'to'='deemsto'
'deemsto' is an anagram of 'DEMOTES'.

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(Another definition for demotes that I've seen is " Lowers in rank".)

I've seen this clue in the Evening Standard.

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