...+ Boston-based Iron Mountain Inc. announced plans to convert to a real estate investment trust (REIT); as a result, we believe business and financial flexibility could be reduced. + Iron Mountain's margin of compliance under its fixed charge covenant is likely to be tight because of higher tax expenditures related to its conversion to a REIT. + We are placing our '##-' corporate credit and all other ratings on CreditWatch with negative implications. + The CreditWatch listing reflects the possibility that we could lower the ratings if the company does not address financial covenants, or if we conclude the company's business and/or financial risk profile has weakened as a result of this plan. NEW YORK (Standard & Poor's) June 7, 2012--Standard & Poor's Rating Services said today that it placed all of its ratings, including its '##-' corporate credit rating, on Boston-based Iron Mountain Inc. on CreditWatch with negative implications. "The CreditWatch placement results from Iron Mountain's...
