I know that generally when someone refers to a movie as being rated by a letter, they are refering to the quality of the movie. Similar to how you are graded in school. In other words, a B rated movie is not as good as an A rated movie. Movies that people consider B rated generally star actors who are less known. They are usually created on a smaller budget. The director is probably not as good, or at least not as well known. So basically in the end, its just a way of saying the movie isn't very good.
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A movie that is 'not rated' usually means the filmmakers did not submit it to the Motion Picture Association of America (MPAA), the committee that screens movies and determines ratings.
However if a filmmaker submits a film and disagrees with the rating given by the MPAA, he can choose to leave the film as 'not rated' rather than accept their rating.
Rated movies are movies which in some way are unsuitable for anyone under that age because of swearing or some scenes being unsuitable for younger viewers
There is no movies rated B. Movies are rated: G, PG, PG-13, PG-14, R, and NR (Not Rated).