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LONDONStandard & 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 deficitand the potential for Lloyd's to have to contribute"remote."