I think this is one of the best ratings I have seen, generally teams are at least in the ballpark of where they should be.
The biggest flaws I see are:
Portugal at 11. How are they always ranked so high? They are terrible and have been terrible for a while now.
Costa Rica at 16. Winning the group of death over the likes of Uruguay (while they still had Suarez), England, AND Italy, then advancing to the round of 8 in the World Cup should be worth more than a 16th ranking.
England at 20. They have their problems (namely Roy Hodgson), but they are probably one of the five or six most talented teams in the world, and should be ranked higher than 20.
Also Greece at 13 seems like a stretch.