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INDIANAPOLIS – Citizens Energy Group today announced that S&P Global Ratings (S&P) has upgraded the credit rating on the company’s water system to ‘AA+’ from ‘AA,’ with a stable outlook.  Concurrently, S&P assigned its AA+ rating to an upcoming first‑lien water utility revenue bonds issuance for Citizens Water.

The full announcement from S&P is attached here.

According to S&P, the higher rating reflects Citizens demonstrated track record of stable and comprehensively managed financial performance, its advanced asset-management program, and its comprehensive planning efforts that prioritize business continuity and customer cost impact. S&P also noted the robust Citizens regional water system, diversified service area, and disciplined capital planning as key strengths supporting the upgrade.

In underscoring credit stability, S&P highlighted the strategic steps Citizens has taken to target long-term affordability for customers as well as diverse revenue streams via expanding wholesale water service to the City of Lebanon and the coming acquisition of the Town of Whitestown water utility assets. The report also recognized efforts by Citizens to enhance its environmental stewardship responsibilities while providing measurable cost reductions, identifying work to remove lead service lines on behalf of Citizens customers.

“This upgrade is an affirmation of our commitment to strong financial stewardship, transparency, and long‑term planning on behalf of the communities we serve,” said Jeffrey Harrison, President & CEO of Citizens Energy Group. “It speaks to the benefits of our public charitable trust structure and our ongoing focus on delivering safe, reliable, and affordable utility service while investing responsibly in water infrastructure essential to Central Indiana’s future.”

U.S. Environmental Protection Agency (EPA) Assistant Administrator for Water Jessica Kramer recently recognized 48 water infrastructure projects for excellence and innovation, including Indiana’s Drinking Water State Revolving Fund (DWSRF) and Citizens Energy Group lead service line replacement project. This award demonstrates the importance of water infrastructure for supporting healthy Americans and laying a foundation for economic prosperity.

"Indiana’s commitment to protecting public health and ensuring safe, reliable drinking water for its communities is truly exemplary," said EPA Regional Administrator Anne Vogel. “By strategically replacing lead service lines and coordinating with every level of government to minimize costs, Citizens Energy and the Indiana Finance Authority are both setting a high standard for others to follow. This recognition reflects the dedication and collaboration of our awardees to deliver measurable benefits and resilient water infrastructure statewide.”

The Clean Water State Revolving Fund (CWSRF) and Drinking Water State Revolving Fund (DWSRF) programs have provided a foundation of federal investment in water infrastructure for decades. The State Revolving Fund (SRF) programs directly support EPA’s Powering the Great American Comeback Initiative, which emphasizes the need for clean air, land, and water for every American and the importance of cooperative federalism.

EPA’s AQUARIUS program celebrates drinking water projects financed in part by the DWSRFs that are innovative, resilient, and protect public health. The Citizens Energy Group was given an honorable mention for their lead service replacement project in Indianapolis.

EPA also recognized SRF programs through the new State Excellence Recognition Program, which celebrates high-performing SRF programs that demonstrate outstanding financial and program management and effective delivery of assistance across both the CWSRF and DWSRF. The Indiana Finance Authority was given an honorable mention for drinking water state revolving fund state excellence.

Indiana Aquarius Award:

The Citizens Energy Group secured an $11 million lead service line replacement loan to replace lead pipes on public property and private property where access is granted. Groups were able to coordinate and minimize cost by timing replacements with planned infrastructure projects. This also helped minimize construction impacts and community disruption. Local community organizations partnered in outreach, educating residents and encouraging participation in the replacement program.

The grant initially targeted the Martindale‑Brightwood neighborhood of Indianapolis. The neighborhood is home to about 13,000 residents and was identified as a priority area due to its low median household income and a high concentration of lead service lines. Citizens Energy Group is now seeking to expand the program to additional priority areas and eliminate lead service lines city-wide.

State Excellence Recognition:

The Indiana Finance Authority has consistently excelled in its programmatic and financial management of their clean water state revolving fund program. The efficiency of Indiana’s program can be highlighted with its 480% federal return on investment. Indiana is unique in its use of a pooled loan program to fund projects above and beyond the traditional SRF fundable range. The program allows communities to utilize the State’s “AAA” credit rating interest rate, which allows in significant savings for communities. In 2025, the pooled loan program provided six communities with $265 million in loan funding. Through this innovative financing technique, Indiana enabled more projects and provided communities with almost $62 million in savings.

See the full list of recognized projects and learn more about the AQUARIUS and PISCES programs.

Background

The SRF programs are EPA-state partnerships that provide communities with low-cost financing for a wide range of water quality and drinking water infrastructure projects. The SRFs have provided over $265 billion in financial assistance to more than 50,000 water quality infrastructure projects and 76,000 drinking water projects across the country.

Contact Information

Macy Pressley (pressley.macy@epa.gov)

312-886-1443

Bukovac Has Managed Citizens Westfield Utilities Since 2020

INDIANAPOLIS – Citizens Energy Group today announced that Ed Bukovac has been promoted to Vice President, Water Operations. Bukovac succeeds Jeff Willman, who was promoted to Senior Vice President, Operations in December.

Bukovac joined Citizens in 2013 as an Engineering Project Manager and subsequently served in positions of leadership including Corporate Development Strategic Engineer, Manager of Westfield Utilities, and Senior Manager of Westfield Utilities before assuming the Director of Citizens Westfield Utilities role in 2020. Prior to joining Citizens, Ed worked for large national engineering firms and various public and private projects and taught graduate-level courses at University of Indianapolis.

As Vice President, Water Operations, Ed will lead a team of 340+ Citizens employees responsible for the daily operation of multiple water and wastewater utility systems that serve significant portions of the Central Indiana region.

“As Director of Citizens Westfield Utilities, Ed Bukovac oversaw all water and wastewater treatment and field operations for Westfield Utilities,” said Citizens Energy Group President & CEO Jeffrey Harrison “He also led both utilities through significant growth, with the customer base more than doubling from 20,000 to 40,000+ customers. Ed’s strong background in leading utility operations and his deep involvement in the community will serve our water and wastewater utilities, and our officer team, well.”

Ed holds Bachelor of Science degrees in civil engineering and land surveying engineering from Purdue University, and he earned a Master of Business Administration with a graduate certificate in finance from University of Indianapolis. He also is licensed as a Professional Engineer in the state of Indiana. Ed was named Top Scholar in his MBA class and is a graduate of the Hamilton County Leadership Academy and the American Council of Engineering Companies leadership program. In addition, he serves on the boards of Conner Prairie and Citizens own Warm Heart Warm Home Foundation™ and Investment Collaboration on Neighborhoods (ICON). He is also President of the Carmel Economic Development Commission.