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There are actually 6 different ranks. The rank usually dictates how uncommon a colour or pattern is, or a combo of them all. For example black is a rank one herd helper, but silver black is a rank 3. The only herd helpers that dictate breedability or show ability have it in their name. These are:
Great Show Horse, random breedability, 100% show ability.
Top Notch Producer, 100% breedability, random show ability
Perfection Foundation, 100% breedability and show ability.
Exceptional Producer, 105% (I think) breedability, random show ability.
Exceptionally Perfect, 105% (I think) breedability and show ability.

The exception ones are equivalent to second generation horses.

Ranks generally refer to how rare or common and complicated or simple the color and pattern combination your herd helper gives. Very simple colors or patterns are available in lower ranks, which also give you and anyone you share the HH with more create opportunities. More complicated combinations or rare colors/patterns are available further up the list, but you will get fewer shares and fewer create opportunities.

Unless otherwise specified in the Herd Helper title, the quality of the horses created from all of the ranks will be from the same pool--higher ranks of not provide higher quality horses.

The exceptions to this rule are:
1)Perfect Foundations (100% breeding ability, 9.9 PT (Performance Test score, relates to showing ability), perfectly consistent--the best quality a regular Foundation horse can be)
2)Great Show Horse--high PT and showing ability, may or may not be good Breeders or consistent.
3)Perfectly Consistent--as it says
4)Exceptionally Perfect--105% breeding ability, 10.4 PT, perfectly consistent. Roughly the quality of a mid level gen 2 horse.
5)Exceptional Producer--105% breeding ability, normal range of PT and consistency
6)Exceptional Show Horse--PT 10.0 to 10.4, normal range of consistency and breeding
ability.

There are also Rank Special horses, which may show up as Rank 6.

These horses may be available as a share from Ammit (the game creator/Goddess) for special occasions or may come up as a normal roll of the HH lottery. Rank Special horses are always Perfect Foundation or Exceptionally Perfect or Exceptional Producers, depending on the special. It will tell you in the description with the share which one it will be.