With the recent rating changes, the previous unwritten but oft-spoken guidelines of loli being not allowed in rating:safe have become a bit muddled. Rating:sensitive is still being treated as rating:safe in this one regard, causing the occasional tag edit fight. Without an official stance, not much can be done, however.
I believe that loli should be expanded "downward" now that rating:s is rating:sensitive and considered a part of is:nsfw. Previously the statement was to remove loli from anything rating:safe (or at least upgrade it to rating:q), which is creating issues where images like post #3772078 should be tagged rating:s under the current rules but is very clearly loli. The recent creation of female child has also caused some oddities in that there is now a ton of things like:
Post count for female_child rating:s solo pantyshot: 59
Some users, due to the now antiquated rule about rating:s + loli, remove loli from posts like that.
But, as stated, without a specific stance from admins, this is all just conjecture.