Iron Mountain Inc.'s Proposed Senior Unsecured Notes Rated 'B+' (Recovery Rating: '3'); Other Rating Actions Taken

U.S.-based Iron Mountain Inc. plans to issue $800 million of new unsecured notes due in 2020. The company will use the proceeds to repay $285 million 6.75% euro-denominated senior subordinated notes, $400 million 7.75% senior subordinated notes, and $106 million 8.375% senior subordinated notes. We are affirming our 'B+' corporate credit rating on Iron Mountain and assigning our 'B+' issue-level and '3' recovery ratings to the company's proposed $800 million senior unsecured notes. We are also revising our recovery rating on the company's existing senior secured facility down one notch to '2' from '1' and subsequently lowering the issue-level rating to 'BB-' from 'BB'. Additionally, we are revising our recovery rating on the company's 6.125% Canadian dollar-denominated senior unsecured notes

...+ U.S.-based Iron Mountain Inc. plans to issue $800 million of new unsecured notes due in 2020. The company will use the proceeds to repay $285 million 6.75% euro-denominated senior subordinated notes, $400 million 7.75% senior subordinated notes, and $106 million 8.375% senior subordinated notes. + We are affirming our 'B+' corporate credit rating on Iron Mountain and assigning our 'B+' issue-level and '3' recovery ratings to the company's proposed $800 million senior unsecured notes. + We are also revising our recovery rating on the company's existing senior secured facility down one notch to '2' from '1' and subsequently lowering the issue-level rating to '##-' from '##'. + Additionally, we are revising our recovery rating on the company's 6.125% Canadian dollar-denominated senior unsecured notes up one notch to '2' from '3' and subsequently raising the issue-level rating to '##-' from 'B+'. + The positive rating outlook on Iron Mountain reflects our view that the company's pending acquisition...

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