S&P gives AA-, A+ to Citizens Gas and Coke, Ind., bonds

Standard & Poor's said it raised the underlying ratings to AA- from A on Indianapolis' senior lien gas utility system revenue bonds issued for Citizens Gas and Coke Utility.

The underlying rating was raised to A+ from A on the city's first- and second-lien gas utility system distribution system revenue bonds issued for the utility.

S&P also said it assigned an A+ rating to the city's $170.99 million of gas utility distribution system second-lien revenue refunding bonds, series 2008A and 2008B, issued for the utility.

The A-1 rating on the system's commercial paper was affirmed.

The outlook is stable.

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