Fitch Ratings has affirmed the A- insurer financial strength (IFS) rating of Lloyd's of London and removed it from rating watch. The rating outlook is negative.
This follows the rating agency downgrading the IFS rating from A+ to A- in late September last year.
The agency said: "Fitch will continue to closely monitor Lloyd's exposure to WTC losses and its impact on central resources.
"The agency expects forecasting to significantly improve whilst the market returns to profitability during 2002. Should WTC losses increase considerably and impact on central resources, or should earnings continue not to match the agency's expectations of an A range rated entity, then Lloyd's is likely to be downgraded," it added.
Rating agency A.M. Best also announced yesterday that it had affirmed its A- (excellent) financial strength rating of the Lloyd's market.
