It may be ungraded but it hasn't lacked in quality in recent years. Last year, English Channel won the race and in 2004 it was Kitten's Joy beating Artie Schiller.
As a bettor, I like the Graded Stakes committee's inconsistancy and sometimes lack of competence. When you see a Grade 1 race that is no better than Grade 3 in quality, you have some good candidates to bet against next out. Likewise, an ungraded stake that is worthy of a Grade 2 could produce some overlay candidates next out.
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