NEW YORK (Standard&Poor's) June 15, 2011--Standard&Poor's Ratings Services said today that its rating and outlook on Boston-based Iron Mountain Inc. (BB-/Negative/--) are not affected by the company's announcement that it increased its dividend by 33%. The dividend increase is part of the company's commitment to return $1.2 billion to shareholders by May 2012 and $2.2 billion to shareholders through 2013. We estimate pro forma annual dividends will be about 21% of EBITDA for the 12 months ended March 31, 2011. Conversion of EBITDA to discretionary cash flow was 28% in the 12 months ended March 31, 2011. The pro forma conversion rate would fall to 15%. The 'BB-' rating on Iron Mountain reflects our expectation that
