S&P Global Ratings' long-term rating on Indianapolis' natural gas utility revenue refunding debt outstanding is 'AA'. 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 (Citizens). The outlook is stable. Net revenue of the natural gas utility secures the debt. At fiscal year-end 2023, GUDS had approximately $121 million in debt principal outstanding. The debt matures in 2030. Financial performance has been robust in recent years. In fiscal 2023, fixed-cost coverage (FCC) was 3.5x and liquidity was 170 days with the inclusion of undrawn amounts on committed lines of credit. Moreover, debt is declining steadily as GUDS amortizes debt without additional issuance.
