NEW YORK (Standard&Poor's) May 27, 2003--Standard&Poor's Ratings Services today assigned its preliminary 'BB-' senior unsecured and 'B' subordinated debt ratings to Iron Mountain Inc.'s $500 million Rule 415 mixed shelf registration, including $88 million in previously registered but unsold securities. Net proceeds will be used toward general corporate purposes, which may include acquisitions, investments and debt repayment. At the same time, Standard&Poor's affirmed its 'BB-' corporate credit rating on the company. The outlook remains stable. The Boston, Mass.-based records management company has total debt of about $1.7 billion, including synthetic leases. "If actual senior secured borrowings increase materially, it could result in notching down of the senior unsecured debt below the corporate credit rating.
