S&P Global Ratings assigned its 'AA' long-term rating to Indianapolis' $53 million series 2020A gas utility distribution system (GUDS) second-lien revenue refunding bonds. At the same time, S&P Global Ratings affirmed its 'AA' ratings on the system's parity obligations. The outlook is stable. Indianapolis' gas utility is one arm of the city's utility system, which does business as Citizens Energy Group (CEG). Citizens has approximately $184 million in gas system-supported debt, as of fiscal year-end 2019. There are no prior-lien bonds outstanding. Proceeds from the series 2020A bonds will refund Citizens' series 2010A GUDS bonds to produce interest cost savings for the utility. Citizens is an executive department of the city of Indianapolis. Citizens' assets are subject to a public
