Press Release

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