S&P Global Ratings' long-term rating on Indianapolis' thermal energy system debt outstanding is 'A+'. Indianapolis' thermal energy system, which consists of steam and chilled water utilities, is one arm of the city's utility system, which does business as Citizens Energy Group (Citizens). The outlook is stable. Net revenue of the thermal energy system secures the debt. At fiscal year-end 2023, the thermal energy system had approximately $67 million in debt principal outstanding. The debt matures in 2034. The thermal energy system, which provides steam and chilled water primarily to large commercial and industrial customers in and near downtown Indianapolis, has had robust financial performance. Fixed-cost coverage (FCC) averaged 1.6x during the past three audited years while available reserves were equivalent
