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If the Valkyries in DxD are the original one from the myth, Ishibumi could've taken liberties with how old they are. Especially if Rose is also from the original myth and is in the same age-group as Ise and Rias.
I don't think the names are just ranks. And I haven't read Volume 24, so I wouldn't know what it says about Grim Reapers.
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