Consistent internal growth. Leading position in the records management business. Good business fundamentals that benefit from a predictable revenue stream and relative insensitivity to economic cycles. High leverage. Heavy capital spending. Ongoing acquisition activity. The ratings reflect Iron Mountain Inc.'s leading position as the world's largest records management company, its reliable internal growth generated from existing customers, its outsourcing of new customers' in-house storage operations, and modest debt capacity within the ratings to accommodate capital spending and acquisition activity. These factors are offset by fairly aggressive, although moderating, financial policies regarding its growth strategies. The company is the result of the February 2000, $1.2 billion all-stock merger between Iron Mountain and its closest competitor, Pierce Leahy Corp. The company now
