diff --git a/packages/downgrader/src/v3.1-to-v3.0.ts b/packages/downgrader/src/v3.1-to-v3.0.ts
index 3d83809..3887a3e 100644
--- a/packages/downgrader/src/v3.1-to-v3.0.ts
+++ b/packages/downgrader/src/v3.1-to-v3.0.ts
@@ -293,17 +293,24 @@ const DOCUMENT_FIELDS = defineFields({
 // or `additionalProperties`, which the conversion can replace with another
 // schema, is replaced by its target, unless it already dangles. So is one
 // that percent-encodes a character, which `find` decodes, as it can hide
-// those segments, such as `#/%24defs/Pet`.
+// those segments, such as `#/%24defs/Pet`. The segment after
+// `#/components/<type>/` is a name, so a component named `items` is not one.
 function isInlined(ref: string, ctx: Context): boolean {
+  let keywords = ref
+  if (ref.startsWith('#/components/')) {
+    const name = ref.indexOf('/', 13) + 1
+    const end = ref.indexOf('/', name)
+    keywords = name === 0 || end === -1 ? '' : ref.slice(end)
+  }
   return (
     (ref.includes('%') ||
-      ref.includes('/$defs/') ||
-      ref.includes('/definitions/') ||
+      keywords.includes('/$defs/') ||
+      keywords.includes('/definitions/') ||
       // The removed parts, spelled out, as a callback for each `$ref` costs
       // about 3% of the instructions of a conversion.
       ref.startsWith('#/webhooks/') ||
       ref.startsWith('#/components/pathItems/') ||
-      INTO_REPLACED.test(ref)) &&
+      INTO_REPLACED.test(keywords)) &&
     resolvePointer(ref, ctx) !== undefined
   )
 }
diff --git a/packages/downgrader/tests/v3.1-to-v3.0.test.ts b/packages/downgrader/tests/v3.1-to-v3.0.test.ts
index 5cdd311..6164684 100644
--- a/packages/downgrader/tests/v3.1-to-v3.0.test.ts
+++ b/packages/downgrader/tests/v3.1-to-v3.0.test.ts
@@ -2932,6 +2932,33 @@ describe('downgradeSchemaV31ToV30', () => {
     expect(out?.Count).toEqual(ref('Bag/properties/itemsLeft'))
   })
 
+  it('keeps a $ref to a component named like a keyword it replaces', () => {
+    // Celigo names a recursive mapping row `items`: replacing the $ref cut
+    // the recursion to {} one level down.
+    const ref = (path: string) => ({ $ref: `#/components/schemas/${path}` })
+    const schemas = {
+      items: { type: 'object', properties: { rows: { type: 'array', items: ref('items') } } },
+      additionalProperties: { type: 'string' },
+      $defs: { type: 'object', properties: { a: { type: 'integer' } } },
+      definitions: { type: 'object', properties: { b: { type: 'integer' } } },
+      Map: { type: 'object', additionalProperties: ref('additionalProperties') },
+      Defs: ref('$defs/properties/a'),
+      Definitions: ref('definitions/properties/b'),
+      // A keyword after the name still counts.
+      Row: ref('items/properties/rows/items'),
+    } as const
+    const out = convert({
+      components: { schemas, responses: { items: { description: 'Rows' } } },
+      paths: {
+        '/rows': { get: { responses: { 200: { $ref: '#/components/responses/items' } } } },
+      },
+    })
+    expect(out.components?.schemas).toEqual({ ...schemas, Row: ref('items') })
+    expect(out.paths?.['/rows']?.get?.responses?.[200]).toEqual({
+      $ref: '#/components/responses/items',
+    })
+  })
+
   it('replaces a percent-encoded $ref with its target', () => {
     // find decodes it, so it can point into $defs, a removed part, or items
     // that the conversion replaces, unseen.