Defending champion Finland remains No. 1 ahead of Sweden, Russia and the Czech Republic.
Canada sat in top spot after winning gold at the 2010 Olympics in Vancouver but has dropped down after consecutive quarter-final exits at the world championship.
The team added defenceman Marc-Edouard Vlasic of the San Jose Sharks to the roster Thursday.
The Canadian players participating in this year's tournament leave Thursday for Europe and will play two exhibition games in Zurich.
Canada opens the tournament May 4 in Helsinki against Slovakia.
The world championship has added significance this year because the world rankings will be frozen after it finishes and used to determine groupings for the 2014 Olympics in Sochi, Russia.
Note to readers: This is a corrected story. A previous version stated Luke Schenn was added to the roster Thursday. He had already joined the team.