[Edit]
Coincidentally, a shifted "L" is PETSCII code 0xCC. Which is just one after the highest available token in Commodore BASIC 2.0 / V.2. (The last one being 0xCB, `GO`.) Therefor, a lookup into the keyword list will yield the terminating zero-byte, which probably causes the problem. (E.g., by defeating what was intended to be an unconditional branch instruction.)
(In BASIC 4.0 for the 40xx/80xx PETs, this is actually a valid token, namely `CONCAT`, which is expanded by LIST without further issues. Meaning, this kind of LIST protection can be broken by simply loading the program on one of the later PETs.)