Key error when using the `str.format` function but not with %s syntax

Using python 2.7.4 and 3.3.1:

from textwrap import dedent as dd


name='Maruja'

print(dd('''
         {0}:
           _.-.
         '( ^{_}    (
           `~\`-----'\\
              )_)---)_)
         '''.format(name)))

It´s a key error in both:

$ python3 test.py    # or python2 test.py
Traceback (most recent call last):
  File "test.py", line 9, in <module>
    '''.format(name)))
KeyError: '_'

With the % operator it works though:

from textwrap import dedent as dd


name ='Maruja'

print(dd('''
         %s:
           _.-.
         '( ^{_}    (
           `~\`-----'\\
              )_)---)_)
         ''' % name))

No error but why?

$ python3 test2.py    # or python2 test2.py
Maruja:
  _.-.
'( ^{_}    (
  `~\`-----'\
     )_)---)_)

I have not been able to figure out why this happens and I have tested in several environments, what's wrong with it?