If breakers that are rated 480Y/277 VAC are used at 50 Hz, does the slash rating have to derate to 400Y/230 VAC, or doe they keep their 480Y/277 VAC rating at 50Hz? Would it be OK to rate the equipment they are used in at 400Y/277 VAC?
The way that the slash rating works on a breaker, is that the lower voltage specifies volts-to-ground, and the higher voltage specifies maximum volts across any pair of connections to it. One place you might see this, is if you attempt to connect a two pole breaker on a high leg delta system. Even though it is rated 240V pole to pole, there is an issue with connecting it from the high leg to the adjacent pole for a 240V load, if it is slash rated. Volts to ground would exceed 120V. You can use it across A and C phases, but not the high leg. Straight rated breakers are required for the high leg.
Most breakers are dual rated at 50/60 Hz, and there really isn't a physical reason why using a 60Hz breaker at 50Hz would change the voltage rating, if at all. Look for this dual frequency rating, or check with the manufacturer if documentation only indicates 60 Hz.