Indianapolis, Indiana Indianapolis; Combined Utility

S&P Global Ratings raised its long-term rating and underlying rating (SPUR) to 'A+' from 'A' on Indianapolis, Ind.'s thermal energy system's first-lien revenue bonds outstanding. The thermal system does business as Citizens Energy Group, or Citizens. The outlook is stable. The rating action reflects the application of our "U.S. Municipal Retail Electric And Gas Utilities" criteria, published Sept. 27, 2018. In addition, the rating action reflects our view of the combined utility's reduced and declining leverage, a result of the amortization of existing debt, as well as the utility's ability to fund capital projects through recurring revenue in recent years. The ratings reflect our opinion of the system's strong enterprise risk profile and very strong financial risk profile. The stable

...S&P Global Ratings raised its long-term rating and underlying rating (SPUR) to 'A+' from 'A' on Indianapolis, Ind.'s thermal energy system's first-lien revenue bonds outstanding. The thermal system does business as Citizens Energy Group, or Citizens. The outlook is stable. The rating action reflects the application of our "U.S. Municipal Retail Electric And Gas Utilities" criteria, published Sept. 27, 2018. In addition, the rating action reflects our view of the combined utility's reduced and declining leverage, a result of the amortization of existing debt, as well as the utility's ability to fund capital projects through recurring revenue in recent years. The ratings reflect our opinion of the system's strong enterprise risk profile and very strong financial risk profile. The stable outlook reflects our expectation that the thermal system will continue generating surplus available revenue sufficient to sustain extremely strong coverage and to fund its capital plan without requiring additional...

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