...September 4, 2019 NEW YORK (S&P Global Ratings) Sep. 4, 2019--S&P Global Ratings today assigned its '##-' issue-level rating and '3' recovery rating to Iron Mountain Inc.'s proposed $800 million senior unsecured notes due 2029. The company will use net proceeds to repay outstanding revolving credit facility borrowings and is leverage neutral. The '3' recovery rating indicates our expectation for meaningful recovery (50%-70%; rounded estimate: 50%) of principal in the event of a payment default. All of our existing ratings on Iron Mountain remain unchanged. Our '##-' issuer credit rating on the company reflects its position as the global market leader in the records management business as well as its high leverage, acquisitive growth strategy, above-average capital intensity for a business services company, and shareholder-favoring dividend policies. The company benefits from low customer attrition, high switching costs, favorable EBITDA margins, and long-term storage contracts that provide...
