S&P upgrades Lloyd's to A+

LONDON—Standard & Poor's Corp. has upgraded Lloyd's of London to A+ from A.

S&P said the upgrade reflected the successful completion of phase one of the deal to transfer the liabilities of Equitas Ltd. to National Indemnity Co., a unit of Berkshire Hathaway Inc.

Under the terms of the transfer deal, National Indemnity will provide up to $7 billion of reinsurance for Equitas' loss reserves.

This, S&P said, rendered the likelihood of a future Equitas deficit—and the potential for Lloyd's to have to contribute—"remote."