NY -- Standard&Poor's CreditWire 9/24/96 -- Standard&Poor's today has assigned its single-`B'-minus rating to Iron Mountain Inc.'s $150 million senior subordinated notes due 2006. The corporate credit rating is single-`B'-plus. The ratings outlook is positive. Ratings reflect the company's good niche business position in the relatively stable records management industry and its improving operating performance, offset by modest interest coverages and the company's growth strategy. Iron Mountain and competitor Pierce Leahy Corp. are the nation's two largest records management companies, offering storage and related services in multiple markets for national and midsize customers. Operating performance has been relatively recession-resistant because of low customer attrition, a diverse client base, and annual and multiyear contracts that provide a
