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Citizens Energy Group, IN Debt Rating Outlook Revised To Positive On Healthy Fixed-Cost Coverage, Liquidity; 'A+' Rating Affirmed

• S&P Global Ratings revised the outlook to positive from stable and affirmed its 'A+' long-term rating on Indianapolis' thermal energy system (doing business as Citizens Energy Group) debt outstanding.

• At the same time, S&P Global Ratings assigned its 'A+' long-term rating to the thermal energy system's approximately $63 million series 2025A first-lien utility revenue bonds, issued by the Indiana Finance Authority.

• The outlook revision reflects healthy fixed-cost coverage (FCC) and liquidity in fiscal 2024 and our expectation that FCC will materially improve in the next several years as debt service declines.

Mamuska-Morris Began Her Citizens Career in 2001 as a Plant Engineer  
 
INDIANAPOLIS – Citizens Energy Group announced today that Sara Mamuska-Morris has been named Vice President, Capital Programs & Engineering. Mamuska-Morris succeeds Mark Jacob, who retired earlier in March after more than 13 years at Citizens.   

“Over the past 24 years, Sara Mamuska-Morris has served Citizens in a variety of roles that include Thermal and Gas Engineering, Operations, Business Development, and Treasury, where she served as Director for seven years. In her most recent role as Director of Market Development, Sara was responsible for maximizing customer growth through retention and new business development as well as maintaining key customer relationships,” said Jeffrey Harrison, Citizens President & CEO. “Sara is a talented leader with a broad understanding of our organization, and I look forward to the depth of experience she will bring to her new role.” 

Prior to joining Citizens in 2001, Mamuska-Morris held engineering positions with Indianapolis Power & Light, R.W. Beck, Inc., the Indiana Office of Utility Consumer Counselor, and ABB. She earned Bachelor of Science degrees in mechanical engineering and materials engineering from University of Connecticut, holds an MBA in finance from Indiana University, and is a Registered Professional Engineer in Indiana. 

Mamuska-Morris also is involved with several community organizations, currently serving on the board of trustees for St. Richard’s Episcopal School, as board chair for Energy Plus Credit Union, and as a committee member at St. Mary’s Early Childhood Center. She is part of the 2025 cohort of the IU Indy Women’s Executive Leadership Institute and is a graduate of the United Way Executive Women Leadership Program.

Cummins VP of Marketing and Communications Carole Casto Appointed to Board of Trustees

INDIANAPOLIS – Cummins Vice President of Marketing and Communications Carole Casto has been appointed to Citizens Energy Group’s five-member Board of Trustees. The Board of Trustees’ primary function is to make nominations for vacancies to both the Board of Trustees and the Board of Directors. 

A trailblazer since joining Cummins in 2003, Casto has focused on enhancing productivity while championing diversity and inclusion. She also excels at leading transformations to improve performance. Throughout her career, Casto has held leadership positions including Executive Director of Corporate Communications, Director of Community Engagement, Director of Community Development, Six Sigma Quality Champion, LDS Implementation Leader, and Six Sigma Black Belt. Prior to Cummins, she served in a variety of leadership roles at the State of Indiana. 

She earned her bachelor’s degree in liberal arts at Marquette University. 

Casto is a board member of the Indiana Latino Institute and served as the moderator for the 2024 Latino Leadership Circle Cohort. Additionally, she is on the Marquette University Dean’s Advisory Council, and she previously served the Economic Club of Indiana and the Indianapolis Chamber of Commerce. In addition to joining Citizens Board of Trustees in 2025, Casto will return to the Indianapolis Chamber Executive Committee, continuing her commitment to service and the Indianapolis community.

Among Casto’s professional achievements are being named to PR Week’s Women to Watch; _Indianapolis Business Journal’_s Woman of Influence and Forty Under 40; and Marquette University’s Top 100 Alumnae. 

Casto’s appointment to the Board of Trustees follows the retirement of Jackie Nytes, who served on the Board for 12 years, including one year as Vice President. 

Citizens President & CEO Jeffrey Harrison said, “Citizens Energy Group is pleased to announce Carole Casto as the newest member of our Board of Trustees. She is a dynamic leader with a depth and breadth of experience at Cummins and beyond that will serve Citizens well. As we welcome Carole, we also thank Jackie Nytes for more than a decade of dedicated service on the Board of Trustees.”