Research Update: Iron Mountain 'BB-' Rating Affirmed And Removed From Watch; Proposed Credit Facilities Rated; Outlook Negative - S&P Global Ratings’ Credit Research

Research Update: Iron Mountain 'BB-' Rating Affirmed And Removed From Watch; Proposed Credit Facilities Rated; Outlook Negative

Research Update: Iron Mountain 'BB-' Rating Affirmed And Removed From Watch; Proposed Credit Facilities Rated; Outlook Negative - S&P Global Ratings’ Credit Research
Research Update: Iron Mountain 'BB-' Rating Affirmed And Removed From Watch; Proposed Credit Facilities Rated; Outlook Negative
Published May 27, 2011
7 pages (2594 words) — Published May 27, 2011
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

Iron Mountain has announced plans to return $2.2 billion to shareholders through 2013, but management has publicly stated that it plans to maintain leverage in the range of 3x to 4x (our fully adjusted 4.3x to 5.3x). We are affirming our 'BB-' corporate credit rating for Iron Mountain Inc. and removing all ratings from CreditWatch, where they were placed with negative implications on April 19, 2011. In addition, we assigned a 'BB+' rating to the company's proposed $1.35 billion secured facilities due 2016. The negative outlook reflects our view that financial policy could become more aggressive as result of further shareholder pressure. On May 27, 2011, Standard&Poor's Ratings Services affirmed all of its ratings on Boston-based information storage

  
Brief Excerpt:

...+ Iron Mountain has announced plans to return $2.2 billion to shareholders through 2013, but management has publicly stated that it plans to maintain leverage in the range of 3x to 4x (our fully adjusted 4.3x to 5.3x). + We are affirming our '##-' corporate credit rating for Iron Mountain Inc. and removing all ratings from CreditWatch, where they were placed with negative implications on April 19, 2011. In addition, we assigned a '##+' rating to the company's proposed $1.35 billion secured facilities due 2016. + The negative outlook reflects our view that financial policy could become more aggressive as result of further shareholder pressure....

  
Report Type:

Research Update

Ticker
IRM
Issuer
Iron Mountain Inc.
Sector
Global Issuers
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Iron Mountain 'BB-' Rating Affirmed And Removed From Watch; Proposed Credit Facilities Rated; Outlook Negative" May 27, 2011. Alacra Store. May 22, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Iron-Mountain-BB-Rating-Affirmed-And-Removed-From-Watch-Proposed-Credit-Facilities-Rated-Outlook-Negative-2237372>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Iron Mountain 'BB-' Rating Affirmed And Removed From Watch; Proposed Credit Facilities Rated; Outlook Negative May 27, 2011. New York, NY: Alacra Store. Retrieved May 22, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Iron-Mountain-BB-Rating-Affirmed-And-Removed-From-Watch-Proposed-Credit-Facilities-Rated-Outlook-Negative-2237372>
  
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