Market leader in the records management business; and Strong base of recurring revenues. Vulnerable to information storage moving from physical storage to electronic storage; Potential for a more aggressive financial policy or a change in its capital structure; High debt leverage; and Heavy capital spending. The 'BB-' rating on Iron Mountain Inc. reflects Standard&Poor's Ratings Services' expectation that leverage will remain below our 5.5x fully-adjusted target for the rating, despite management's intention to return $2.2 billion to shareholders by 2013 year-end. We view the company's financial risk profile as aggressive, a function of its still-high leverage, relative capital intensity, and its increased shareholder return orientation. Our business profile assessment on the company is fair, reflecting our expectation that
