Standard&Poor's Ratings Services has assigned its 'A' rating to Indianapolis, Ind.'s thermal energy system (doing business as Citizens Energy Group) first-lien revenue refunding bonds, series 2014A. At the same time, Standard&Poor's affirmed its 'A' rating on Citizens Energy Group's parity debt outstanding for its thermal energy system. The outlook is stable. The 'A' ratings reflects what we consider to be the steam utility's continued favorable regulatory climate, and good growth of the unregulated chilled water utility. We believe a small-but-stable customer base and competitive rates further support the ratings. We believe additional credit strengths include: The strong business position of the regulated steam division, which benefits from a fuel cost adjustment mechanism; What we view as
