...CENTENNIAL (S&P Global Ratings) Oct. 17, 2016--S&P Global Ratings raised its rating to '##' from '##-' on Indianapolis, Ind.'s subordinate second-lien gas utility distribution system (GUDS) bonds. At the same time, S&P Global Ratings assigned its '##' rating to Indianapolis' series 2016A gas utility system (GUS) second-lien revenue refunding bonds. Finally, we affirmed our '##' rating on the city's senior lien GUS bonds. The outlook is stable. "The higher rating reflects our opinion that the amount of debt outstanding on the city's senior GUS lien and the senior GUDS first lien is minimal, as well as management's claim that no additional debt will be issued under these liens in the coming years," said S&P Global Ratings credit analyst Andrew Bredeson. Proceeds from the series 2016A bonds will advance refund Citizens' series 2008B GUDS bonds to produce interest cost savings for the utility. Indianapolis' gas utility is one arm of the city's utility system, which does business as Citizens...
