NEW YORK (Standard&Poor's) March 11, 2011--Standard&Poor's Ratings Services said today that its rating and outlook on Boston-based Iron Mountain Inc. (BB-/Stable/--) are not currently affected by shareholder Elliott Associates L.P.'s proposal to nominate four directors to the company's board of directors. Iron Mountain stated that Elliot has had discussions with the company to consider converting the company into a real estate investment trust (REIT). We currently believe that it is too early to determine that such discussions have specific rating implications. We see the possibility that the company's financial policy with respect to shareholder value creation could become more aggressive following Elliot's actions, but that there is capacity for moderate levels of share repurchase activity or
