Yes, you are correct. The reason your ranking could have gone up while your rating went down is because other people's ratings also changed.
BTW, in your example, 111,000 would be in the 92.1 percentile, I think.
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I feel like an idiot asking this...but if I am in the 75% percentile...ranked 111,000 out of 1,400,000 (hypothetical numbers)....does this mean I have a better ranking than 75% of the members, and have the 111,000 best ranking out of 1,400,000 - just want to make sure....(I know it is a stupid question, but I noticed my percentile went up one week after my ranking went down)....