I got the results of my masters today and was initially quite pleased. I'd been told by my supervisor that the dissertation deserved first-class marks, and as it turned out, I was just one percent off (grading scale is essentially 55-75, with 58 being an absolute fail; I got 69). The grade I received is said to indicate that the work contained roughly equal portions of 1st and 2.1 quality work, so GPA approx 3.6. In the mark scheme, any result above 67 is indicative of a candidates ability to continue towards a Cambridge PhD.
However, the quality of the cohort is extremely high, and it seems everybody scored around the 70 mark. As such, when ranked, I could appear near the bottom (if not the bottom) of our group of 25.
I'm starting a PhD at USC in August and will need to present official transcripts at the start of registration, and I'm a little worried that my decent undergrad rankings will look rather strange next to a low masters rank, even though the GPAs will be similar. Do people think this will affect the way I am treated in the department or even result in a loss of funding?