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I read here that its based on an average, but I don't think that's true.
I have gotten an A-rank on the first six stages, but cannot for the life of me get an A-rank on the seventh stage. When I do beat it, I usually get a B-rank, which brings my overall rank to a B. I know the chances of getting a response on this board are slim, but any clarification on this subject would be greatly appreciated :)
Also, this is one of the most fun games I've gotten a chance to play in awhile, absolutely love the boss fights.