Market leader in the records management business; and Strong base of recurring revenues. High debt leverage; Heavy capital spending; and Ongoing acquisition activity. The ratings reflect Iron Mountain Inc.'s high debt leverage, history of debt-financed acquisitions, and aggressive financial policies, as well as the capital intensity of the records storage business. These factors are offset partially by Iron Mountain's leading position as the world's largest records management company and by its fairly stable growth from existing and new customer accounts. Iron Mountain's operating performance has been steady. Internal revenue growth has averaged in the high single digits for several years. For 2007, the company projects an internal growth rate of 8%-10%, which Standard&Poor's Ratings Services believes Iron Mountain
