Iron Mountain 'BB-' Rating Affirmed And Removed From Watch; Proposed Credit Facilities Rated; Outlook Negative

Iron Mountain has announced plans to return $2.2 billion to shareholders through 2013, but management has publicly stated that it plans to maintain leverage in the range of 3x to 4x (our fully adjusted 4.3x to 5.3x). We are affirming our 'BB-' corporate credit rating for Iron Mountain Inc. and removing all ratings from CreditWatch, where they were placed with negative implications on April 19, 2011. In addition, we assigned a 'BB+' rating to the company's proposed $1.35 billion secured facilities due 2016. The negative outlook reflects our view that financial policy could become more aggressive as result of further shareholder pressure. NEW YORK (Standard&Poor's) May 27, 2011--Standard&Poor's Ratings Services said today it affirmed all of

...+ Iron Mountain has announced plans to return $2.2 billion to shareholders through 2013, but management has publicly stated that it plans to maintain leverage in the range of 3x to 4x (our fully adjusted 4.3x to 5.3x). + We are affirming our '##-' corporate credit rating for Iron Mountain Inc. and removing all ratings from CreditWatch, where they were placed with negative implications on April 19, 2011. In addition, we assigned a '##+' rating to the company's proposed $1.35 billion secured facilities due 2016. + The negative outlook reflects our view that financial policy could become more aggressive as result of further shareholder pressure. NEW YORK (Standard & Poor's) May 27, 2011--Standard & Poor's Ratings Services said today it affirmed all of its ratings on Boston-based information storage company Iron Mountain Inc., including the '##-' corporate credit rating. At the same time, we removed all ratings from CreditWatch, where they were placed with negative implications on April 19,...

Ratings Action