S&P Global Ratings raised its rating to 'AA' from 'AA-' on Indianapolis, Ind.'s subordinate second-lien gas utility distribution system (GUDS) bonds. At the same time, S&P Global Ratings assigned its 'AA' rating to Indianapolis' series 2016A gas utility system (GUS) second-lien revenue refunding bonds. Finally, we affirmed our 'AA' rating on the city's senior lien GUS bonds. The outlook is stable. The higher rating reflected in the GUDS bonds' upgrade reflects our opinion that the amount of debt outstanding on the senior GUS lien (about $21.8 million) and the senior GUDS first lien ($0) is minima, relative to total system debt, prior to series 2016 issuance, of about $252 million. The higher rating also reflects our expectation that these two
