Standard & Poor’s (S&P) has affirmed Lloyd’s insurer financial strength (IFS) rating at A+ (strong), but downgraded its outlook to stable from positive.

Lloyd’s advised the market of the ratings last week and says S&P’s report will be available in coming weeks. No reason was given for the change in outlook.

Last week Fitch affirmed Lloyd’s IFS rating at AA- with a stable outlook, citing the market’s strong underwriting performance, strong and stable capitalisation and low debt.

Last month AM Best gave Lloyd’s an A (excellent) rating but warned of challenging conditions in core markets, particularly reinsurance.