NEW YORK (Standard&Poor's) Sept. 9, 2014--Standard&Poor's Ratings Services today assigned print company Iron Mountain Europe PLC's proposed issuance of £350 million senior notes due 2022 a 'B+' issue-level rating, with a recovery rating of '4', indicating our expectations for average (30%-50%) recovery for bondholders in the event of a payment default. The company is using the proceeds to repay indebtedness under the company's revolving credit facility and for general corporate purposes. We expect leverage will remain unchanged in the mid-5x area. The ratings on Iron Mountain Inc. reflect our assessment of its "fair" business risk profile and "aggressive" financial risk profile. We downgraded the company on June 30, 2014, which reflected our view that the company
