Unless you've played Star Wars Episode I Racer on N64, this is probably the first time you've ever heard his name. He only appears in The Phantom Menace itself for about five seconds, all so he can embarrassingly explode in the first lap of the podrace, and doing so while making a noise like a goose choking on a kazoo.
But we'll tell you who probably does remember him: his family. Originally, Ratts' death was meant to be comically depressing, as seen from a deleted scene wherein the race announcer introduces us not only to Ratts, but also to Mrs. Tyerell ... and their three young children. All cheering their daddy from the sidelines. You know, minutes before he's vaporized.
"Also, folks, Ratts is only one day away from retirement!"
It goes on. See the little baby that Mrs. Tyerell is holding?