In an overwhelmingly positive report about the Lloyd's market, ratings agency Standard & Poor's (S&P) has warned that Lime Street will not be able to rely on letters of credit (LOCs) for its capitalisation in the long-term.
In late August, S&P affirmed Lloyd's A+ financial strength rating as well as its positive outlook.
However it was notably bearish on LOCs, which some consider to be the Achilles' heel of the market's capital base.
"We view LOCs to be a short-term...
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