For any who have access to TWOT (Theological Wordbook of the Old Testament), there is a nearly three page article (under "698" which corresponds to Strong's # 2617) for the Hebrew hesed. This is the word that the NWT would nornally translate as "loving kindness" and footnote as "loyal love." (But translated "loyalty" in the rNWT at Micah 6:8. "Cherished" is 'ahab, Strong's # 157.)
The article gives a history of its translation, listing several milestone studies. (E.g. Nelson Glueck, Hesed in the Bible, 1927, translated into English from German by one A. Gottschalk. This is described by TWOT as a sort of watershed on the subject, and the views expressed therein generally held to by modern translators. See here for resources available on Google Books.)
Although the article in TWOT discusses hesed in various contexts, a train of thought underlying the discussion is whether hesed refers to loyalty required as a part of covenant agreements, or whether the covenants were the result of God's already existing hesed. In the judgment of the TWOT article (written by a Richard L. Harris), hesed precedes/supercedes covenant obligations, and, in fact, it is this hesed that prompts God to enter into covenant contracts with people.
The article ends saying, "The word "lovingkindness" of the KJV is archaic, but not far from the fulness of the meaning of the word."
To be sure, there is an aspect of fidelity or loyalty to hesed. To illustrate, a husband and wife would have loyalty/fidelity towards one another. The question is, 'Are they loyal because they have a marriage contract, or is the marriage contract a result of their loyalty/fidelity towards one another?' If you chose the latter, then you will agree with the gist of the TWOT article on hesed.
I get the feeling, though, that the Society would lean towards the former. But I think (IMO) that view is ultimately self-defeating.
Take Care