Fairly stable internal growth rate; Leader in the record management; and Good business fundamentals that benefit from a predictable revenue stream and relative insensitivity to economic cycles. High leverage; Heavy capital spending; and Ongoing acquisition activity. The ratings on Iron Mountain Inc. reflect the company's relatively high debt leverage, limited debt capacity for another major acquisition, and somewhat aggressive financial policies regarding its growth strategies. These factors are only partially offset by Iron Mountain's leading position as the world's largest records management company, and its reasonably stable growth from existing customers and new customer accounts. The company had debt outstanding of about $2 billion on Sept. 30, 2003. The company is the product of the February 2000 merger between Iron
