On Jan. 13, 2004, Standard&Poor's Ratings Services assigned its 'B' rating to Iron Mountain Inc.'s proposed £125 million senior subordinated notes due 2014. Net proceeds will be used to acquire Mentmore PLC's 49.9% stake in Iron Mountain Europe Limited (IME), a majority owned unit of Iron Mountain, and for general corporate purposes. The transaction will help hedge the company's investment in the United Kingdom. All existing ratings, including a 'BB-' corporate credit rating, were affirmed. Boston, Mass.-based Iron Mountain had total debt outstanding of $2.06 billion outstanding at Sept. 30, 2003. The rating reflects the company's relatively high debt leverage, limited debt capacity for another major acquisition, and somewhat aggressive financial policies regarding its growth strategies. These factors
