It's close, I admit, but compared to the others in 8/10, it doesn't match up.
Portugal just has a much more solid position than Hansa does. Contiguous, zero equally sized rivals, historic protection of an S tier nation, access to the Americas and Africa.
Denmark's start is a bit more precarious than Portugal's but they are pretty much untouchable so long as Norway and Sweden are under their thumb, which is pretty easy to do. Denmark just needs to play the waiting game until Norway and Sweden integrates, that's worth 40-50 years of conquest just for twiddling their thumbs, maybe poking at HRE/Polish lands every now and then.
I don't know about Hungary, it's pretty big but it's bordered by Poland-Lithuania (strong), Austria (super strong), and they quickly border Ottomans (unstoppable).
Having played as Republic minors in both MP games, I'll say this. As a medium-sized trading country, I live or die by the deals I can broker with stronger players. If Mgo didn't team up with me to take out the Ottomans, I would've had to roll over while the Ottomans swept across the Balkans. If Colkate didn't team up with me to break Denmark, Sweden would've integrated and I wouldn't be able to stop Denmark, nor would Austria, because as strong as it is, there was just no way it could fight off every player who wanted a piece of the HRE lands. This is why Brandenburg suddenly became the emperor last session, Austria wound up taking relation hits left and right from getting their shit pushed in.
I think, as far as country ranking in MP goes, the first thing you have to ask is: "How far can a player take this country without relying on the help of other players?" Because MP sees alliances you'd never encounter in SP, you can't evaluate these countries from an SP standpoint. In an SP Hansa game, Austria is guaranteed to expand. As long as Hansa is friendly with Austria, they can expand as well until they're large enough to buck Austria. MP? Between players in the HRE refusing to help Austria and players around the HRE pushing in unhistorically, an AI Austria simply can't keep up. If AI Austria is weak, so becomes minors like Hansa. This is why I feel that the most important thing for any country in an MP game is its agency in its own affairs.
BTW put Mamluks at 8.5.