Fairly stable internal growth rate; Leader in the record management business; 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 reflect Iron Mountain Inc.'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 record management company, and its reasonably stable growth from existing customers and new customer accounts. Iron Mountain enjoys a dominant market position and an established footprint in less developed European markets. The December 2003 acquisition of the remaining 49.9% in Iron Mountain
