S&P Global Ratings assigned its 'AA' long-term rating to Indianapolis, Ind.'s series 2017A 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, as well as the series 1986 senior lien gas utility system (GUS) bonds. The outlook is stable. The ratings reflect our opinion of the gas system's credit strengths, which include: A strong market position, with a diverse customer base deriving stability from its residential core-- residential customers comprise over two-thirds of system operating revenues. Market position further benefits from the diverse service area economy of Indianapolis, the Indiana state capital; Stable operations, with adequate storage and pipeline access to key regional natural
