Market leader in the records management business and Strong base of recurring revenues. The company does not have the same market position in digital storage as it does in physical storage; High debt leverage; Heavy capital spending; and History of debt-financed acquisitions. The 'BB-' rating on Boston-based Iron Mountain Inc. reflects our expectation that leverage will remain high and that the business will remain relatively capital-intensive. For these reasons, we view Iron Mountain's financial profile as aggressive. Our business profile assessment on the company is fair, reflecting our expectation that Iron Mountain's revenue growth will remain stable, despite some pressure on the company's core storage business due to migration to digital storage. In our view, Iron Mountain has a fair
