S&P Global Ratings affirmed its 'A+' long-term rating on Indianapolis, Ind.'s thermal energy system's debt outstanding. Net revenue of the thermal energy system secures the debt. The outlook is stable. 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 thermal energy system has approximately $80 million in debt principal outstanding. The debt matures in 2034. Despite the COVID-19 pandemic, the thermal energy system, which provides steam and chilled water primarily to large commercial and industrial customers in and near downtown Indianapolis, has had solid financial performance during the past two fiscal years. Fixed-cost coverage (FCC) averaged 1.52x during the past
