S&P Global Ratings' long-term rating and underlying rating (SPUR) on Indianapolis' natural gas utility are 'AA'. The outlook is stable. Indianapolis' natural gas utility distribution system (GUDS, or the natural gas utility) is one arm of the city's utility system, which does business as Citizens Energy Group (CEG). At the end of fiscal 2020, GUDS had approximately $182 million in debt outstanding. The natural gas utility, serving customers in Indianapolis and Marion County, is an executive department of the City of Indianapolis. The rating reflects our opinion of GUDS' very strong enterprise risk profile, including: Very strong operational management assessment, highlighted by purchases of natural gas from several suppliers and an experienced and sophisticated management team; Strong service area economic
