NEW YORK (Standard&Poor's) Aug. 5, 2009--Standard&Poor's Ratings Services said today it assigned recovery and issue ratings to Boston-based Iron Mountain Inc.'s (BB-/Stable/--) proposed $450 million subordinated notes due 2021. We rated the debt at 'B+' (one notch below the 'BB-' corporate credit rating on the company), and assigned a recovery rating of '5' to the notes, indicating our expectation of modest (10%-30%) recovery in the event of a payment default. The subordinated notes will be issued by Iron Mountain Inc. and are unsecured senior subordinated obligations. The notes will be guaranteed by substantially all direct and indirect wholly owned domestic subsidiaries are subordinated in right of payment to existing senior secured debt and will rank equally
