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Fitch Ratings has upgraded the rating on the following Indianapolis, IN (the city) water system revenue bonds issued on behalf of the city's Board of Directors for Utilities of its Department of Public Utilities, doing business as Citizens Energy Group (Citizens) to 'AA-' from 'A+':

• Approximately $57 million outstanding first-lien water revenue bonds issued by the Indianapolis Local Public Improvement Bond Bank (ILPIBB) series 2007B
• Approximately $98 million outstanding first-lien water revenue bonds issued by the Indiana Finance Authority (IFA) series 2014A and 2016A
• Approximately $617 million outstanding first-lien revenue bonds issued by the city series 2016B and series 2018A.

Fitch has updated the issuer for the 2016B bonds to the city of Indianapolis.

The Rating Outlook is Stable

Two More Tunnels Open, Will Prevent Up to 700 Million Gallons of Sewage from Entering Waterways Annually

INDIANAPOLIS – Citizens Energy Group announced today that two more tunnels on its DigIndy Tunnel System have opened. The White River and Lower Pogues Run Tunnels will prevent up to 700 million gallons of sewage from entering waterways annually. A total of four of the system’s six tunnels are now in operation (including the Deep Rock Tunnel Connector and Eagle Creek Tunnel), comprising nearly 17 of the system’s 28 miles.

“Today we celebrate the opening of the White River and Pogues Run Tunnels, which are nearly eliminating sewer overflows into the White River in one of the most densely populated areas of the city stretching from the near north side to the south edge of downtown,” said Jeffrey Harrison, President & CEO of Citizens Energy Group. “These tunnels are continuing the progress we have made since December 2017 when we opened the first 10 miles of DigIndy from downtown to the county line. That segment of the tunnel system already has prevented more than 3 billion gallons of sewage from reaching area waterways.”

The White River Tunnel is nearly 6 miles long and includes approximately 9,000 feet of consolidation sewers, which transport sewage from combined sewer overflow (CSO) points to the tunnel. This segment of the tunnel will prevent CSOs along the White River in the Riverside, Haughville, Stringtown, and Old Southside neighborhoods, as well as Downtown Indianapolis.

The Lower Pogues Run Tunnel is nearly 2 miles long and includes 1,200 feet of consolidation sewers. The tunnel, along with other improvements along the Upper and Lower Pogues Run waterways, will significantly reduce CSOs along Pogues Run from the Brookside neighborhood to Downtown.

“We appreciate the support and patience of residents and commuters as we continue our work. With more than half of the DigIndy Tunnel System now operating, we look forward to completing this truly transformational project to enhance quality of life and restore the natural environment here in Indianapolis,” said Harrison.

Click here to take a look at where DigIndy has been, where the project stands now, and how it’s progressing toward the future.

The remaining two tunnels, Pleasant Run and Fall Creek, are expected to open in 2025. When the entire 28-mile DigIndy Tunnel System is complete, it will nearly eliminate CSOs, creating healthier, more vibrant waterways and improving the community. Learn more about the DigIndy Tunnel System at www.DigIndyTunnel.com.

Jackson Brings More Than 20 Years of Financial Expertise to Citizens

INDIANAPOLIS – Citizens Energy Group announced today that Craig Jackson has been named Senior Vice President and Chief Financial Officer. Jackson succeeds John Brehm, who retired on March 31 after more than 17 years at Citizens.

“Craig Jackson is an accomplished leader and senior executive with more than 20 years of experience who, through his leadership, strategic planning, and financial expertise, has successfully navigated industry changes and business transformation,” said Jeffrey Harrison, Citizens President & CEO. “Combined with his wealth of knowledge, Craig’s experience will be a valuable asset as Citizens continues to serve our customers and communities with unparalleled excellence and integrity.”

Prior to joining Citizens, Jackson served as Group Chief Financial Officer at MasTec Inc., a multinational infrastructure engineering and construction company. Prior to his role at MasTec, Jackson served in positions of increasing responsibility with Dayton Power & Light Company and AES Corporation. His roles included serving as Chief Financial Officer of AES’s US Strategic Business Unit and President & CEO of AES U.S. Utilities.

A veteran of the U.S. Air Force, Jackson is a graduate of Bloomsburg University with a Bachelor of Science in Business Administration. He also has an MBA from Wright State University.