Hi Romeo,
I had a look at your image and when I first looked at it in PM, I saw it tagged, but unrated and without colour class. However, when I then looked at the meta data more closely using exiftool, I noticed that indeed the colour class is set. I have the urgency field synchronisation with colour class turned-on though and as the urgency is 0, I don't see it in PM (the urgency field has highest priority).
Your image:
Prefs : Tagged:1, ColorClass:5, Rating:0, FrameNum:016981
Urgency : 0 (reserved)
Label :
Color Class : 5
After force a rewrite of the meta data by changing a random field:
Prefs : Tagged:1, ColorClass:0, Rating:0, FrameNum:016981
Urgency : 0 (reserved)
Label :
Color Class : 0
As expected everything is now fine (rewriting the meta data resyncs urgency with colour class). However, it looks like you don't have the urgency field synchronise with colour class so it is likely there lies the fault in PM somewhere.
Kirk, hope this helps you find the problem.