NEW YORK (Standard&Poor's) March 31, 2004--Standard&Poor's Ratings Services today assigned its 'BB-' ratings to Iron Mountain Inc.'s proposed $550 million credit facility. The facility consists of a $350 million revolving credit facility due 2009 and a $200 million term loan B due 2011. The ratings are at the same level as the corporate credit rating. Net proceeds will be used to refinance existing debt. All existing ratings, including the 'BB-' corporate credit rating, were affirmed. The Boston, Mass.-based records management company had total debt outstanding of $2 billion on Dec. 31, 2003. The rating reflects the company's relatively high debt leverage, limited debt capacity for another major acquisition, and somewhat aggressive financial policies regarding its growth
