Ruler Of The World has been given the lowest rating of any Investec Derby winner this century by the British Horseracing Authority's senior handicapper.
He was similarly dismissive of Oaks winner Talent, rated 114 and above only Casual Look and Was at this stage.
Smith said in his BHA blog: "I have Libertarian on 117 as he has basically run to the same level as Battle Of Marengo, and that is what I had him running to on both of his starts this year.
"I have no reason to believe that Battle Of Marengo did not run his race at Epsom. As a result I have Ruler Of The World performing to 120.
"I have agreed this figure with Garry O'Gorman, who is senior handicapper on the Flat for the Irish Turf Club, and it is the lowest immediate after-race figure for a Derby winner this century.
"However, just as with Talent, I am sure this will not be the limit of Ruler Of The World's ability level."