Silver Charm's trainer Bob Baffert yesterday insisted his grey is the horse to beat in the $5 million Dubai World Cup at Nad Al Sheba on Sunday. But he conceded that his stable-star may have deteriorated since winning the race last year.

The five-year-old, short-head conqueror of Godolphin's Swain 12 months ago, has been beaten on his last two starts, which Baffert admits is hardly the ideal form in which to approach the world's richest race.

But after his 1997 Kentucky Derby and Preakness Stakes winner had worked over five furlongs on the track yesterday morning, Baffert was in confident mood.

The trainer, who will not be present at Nad Al Sheba - he is returning to America to supervise his Kentucky hopes - said: "People ask me if he is vulnerable and if he has lost a step. Maybe he has, but I still don't think that's enough to get him beat.

"I think he is going to run huge. He looks great, really good, and he might have put on a few pounds. I think he is in the same shape as he was last year - I certainly hope he is, because he has got some tough horses to beat.

"But I think he is going to put up a good show. If he wasn't doing great I would have brought out Real Quiet, so I must feel pretty good about him." Asked as to dangers to Silver Charm, 2 to 1 favourite for the race with Ladbrokes and William Hill, Baffert pointed to the home challenge, headed by last year's Epsom Derby winner High-Rise and Coral-Eclipse victor Daylami.

"I have no idea about the others but I know Godolphin can prepare their horses," he added. "They gave me quite a scare last year but I think Silver Charm should still be the name on everybody's minds."