Lloyd's A+ rating upheld by Fitch as outlook is upgraded to positive

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Fitch said the outlook revision was due to "an observed reduction" in Lloyd's earnings volatility, both in absolute terms, as well as when compared with higher-rated peers. 

"It also conveys the agency's expectation that, in relative terms, Lloyds' future cross-cycle underwriting performance will be more favourable than that achieved by the market historically," the agency's report confirmed. 

"The ratings continue to reflect Lloyd's strong financial profile... low financial leverage and a

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