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Yet another form that's even worse (5,5)

Ross

I believe the answer is:

third class

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'even worse' is the definition.
Although both the answer and definition are singular nouns, I don't understand how they can define each other.

'yet another form' is the wordplay.
'yet another' becomes 'third' (I can't justify this - if you can you should give a lot more credence to this answer).
'form' becomes 'class' (synonyms).
'third'+'class'='THIRD-CLASS'

'that's' acts as a link.

Can you help me to learn more?

(Other definitions for third class that I've seen before include "Low grade" , "modest level" , "(not important)" , "kind of degree" , "Grade C" .)

I've seen this clue in The Daily Express.
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