Standard&Poor's Ratings Services affirmed its 'A+' rating on The Indianapolis Local Public Improvement Bond Bank, Ind.'s waterworks debt, issued for Indianapolis, Ind. Citizens Energy Group (CEG), a public charitable trust, per Indiana Code 8-1-11.1, assumed ownership of the city's waterworks system, which included the city's water debt obligations, on Aug. 26, 2011. As a result, the rating reflects our assessment of CEG's: A deep, diverse, and moderately growing service area with the Indianapolis economic base; Good system capacity in being able to service its customers with plentiful supply; and Adequate-to-good overall financial metrics in terms of annual debt service coverage and liquidity. A constraining credit factor is capital needs that will require timely adoption of rate increases, which
