NEW YORK (Standard&Poor's CreditWire) Jan. 22, 2001--Standard&Poor's today assigned its preliminary double-'B'-minus senior unsecured/single-'B' subordinated debt ratings to Iron Mountain Inc.'s $500 million Rule 415 shelf registration. If senior secured borrowings increase materially, it could result in notching down of the senior unsecured debt. As a result, the preliminary double-'B'-minus senior unsecured rating depends on the capital structure at the time of any draw down. Ratings will be assigned to any senior secured debt or preferred stock issued under the shelf based on the securities' terms and conditions. All existing ratings on the company are affirmed (see list below). The outlook is stable. The ratings reflect the closing of the $1.2 billion all-stock merger between Iron
