Is your renown now less than 1499? If so, that's why. Buying up big and sinking your own or neutral ships will reduce your renown to lower than the ranklevel threshhold. When that happens, bye bye rank.
If this is not the case, double check your Basic.cfg file. GW uses the stock SH3 promotion model which requires higher renown for promotions. Perhaps the original settings are now back in the game?
BTW, the RUb promotion model is the most realistic to go with: you get your ranks more timely but your medals not as easy.
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