Standard
This is the standard of your work that you have aimed for. 1st class is the highest, 2:1 the middle and 2:2 the lowest. For Masters level, 1st class is equivalent to a distinction, 2:1 a High Merit, and 2:2 a Merit.
These quality levels mirror those that are stipulated by the universities - you should consult your guidelines for more information on what to expect from each level.