He has definitely fought better opposition that Donaire has. Still if all things were equal, he could very well have three losses on his record. The first Agbeko fight was a robbery, on the cards, and by the ref. Mares also won controversially against Darchinyan, and he got a draw against Perez, that some people thought he shouldn't have gotten.
who gives a **** about who he's beaten at 122, he beat enough very good fighters at 118 back to back to back for it to not matter, 118 to 122 is so minimal it's almost no effect on a muther****er and other than Morel he's had a more impressive run of opponents than Donaire and especially Rigo. He's done enough in the divisoin below to rate him higher than just about everyone and he's had such an impressive run that he more than deserves Donaire, there's no one more deserving. I'm not even a Mares fan but give credit where due.