Market leader in the records management business; and Strong base of recurring revenues. High debt leverage; Heavy capital spending; and History of debt-financed acquisitions. The 'BB-' rating on Boston-based Iron Mountain Inc. reflects a high-leverage strategy, a history of debt-financed acquisitions, and aggressive financial policies, as well as the capital-intensive records storage business. Iron Mountain's leading position as the world's largest records management company, its fairly stable growth from existing and new customer accounts, and recurring revenue stream are positive factors that do not offset these risks. Iron Mountain's operating performance historically has been steady. This year, earnings growth moderated. Following several years of organic revenue growth averaging a high-single-digit percent growth rate, Iron Mountain expects to report a more
