On May 27, 2003, Standard&Poor's Ratings Services 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. If actual senior secured borrowings increase materially, it could result in notching down of the senior unsecured debt below the corporate credit rating. As a result, the final senior unsecured rating will depend on the capital structure at the time of any drawdown. Ratings will be assigned to any preferred stock issued under the shelf based on the securities' terms and conditions. Net proceeds will be used toward general corporate purposes, which may include acquisitions, investments, and debt repayment. Also,
