Ratings agency Moody's has downgraded Lloyd's syndicate Sterling 529 to C- Below Average, after Lloyd's revoked its trading licence last week.

The C- rating means Moody's does not believe the US property and marine syndicate has a long-term financial future.

Moody's said it would continue to review the syndicate pending an appeal against the licence revocation.

Last month Moody's downgraded Markel's hull and liablity syndicate, 329. This was because 329's managing agent, Markel, said the syndicate would form no part of its future plans.

The ratings agency said both downgradings were part of its on-going assessment of Lloyd's syndicates and were symptomatic of the problems Lloyd's faced.