Former Rangers manager Smith insists his predecessor has turned around the fortunes of the club following their liquidation.
And Smith has backed the contribution of McCoist's backroom staff - Kenny McDowell and Ian Durrant - whose jobs are reportedly under threat.
Speaking at the announcement of a charity match between legends from Ibrox and Manchester United, Smith, who hired all three men during his time in charge of the club, said their hard work should not go unnoticed.
"I don't think he has had the credit he deserves for winning the title when you consider where the club were at the start of the season," he said.
"I don't think there was ever a more shambolic pre-season for any club, especially a club like this where the expectation is so great and the expectation was they'd win the league.
"If you start the league with everyone saying you are going to win every match you are going to fall down in their expectations.
"It's been far more difficult than many imagined it would be and I think Rangers, and Alistair in particular, deserve credit considering there were a lot of new players and they had to learn about the expectation levels.
"As for the boys concerned, I brought Kenny from Celtic and I took Ian into the first team coaching position.
"We had a terrific run of success and as any manager will tell you your backroom staff are an important factor.
"They did a fantastic job for me so I was disappointed to read what I did."