Rating agency Moody's has downgraded the 'A' Very Good performance rating of R J Kiln's syndicate 557 to A- Good following its decision to drop the syndicate's capacity.
Moody's said that the Lloyd's franchise board's decision that the syndicate was "outside Chairman's Strategy Group guidelines" had led to the downgrade. The outlook is stable.
It added that the "one notch downgrade and stable outlook are predicated on there being no further material adjustments to the syndicate's business plan that would affect potential future profitability."
