This is correct
Suit ranks in poker come up for drawing seats and chip races "Race Off" and same suit ranks used in Contract Bridge
Spade Diamond Heart Club

if your looking for better authority on the subject, call a casino.
there is no mentioning of what the ranks are in the WSOP* rules by it does mention mention "chip race"

Section VI - 69
Chip race rule: Race-off is defined as removal of a denomination chip no longer in use. When it is time to color-up chips, they will be raced off with a maximum of one chip going to any player. The chip race will always start at the first player left of the dealer.

A player cannot be raced out of a Tournament. In the event that a player has only one chip remaining, the regular race procedure will take place. If that player loses the race, he or she will be given one chip of the smallest denomination still in play.

Players found to have lower denomination chips remaining in their stack after the race-off will forfeit those chips unless they are equivalent in value to a chip still in play. Players are encouraged to witness the chip race.