On March 31, 2004, Standard&Poor's Ratings Services assigned its 'BB-' ratings to Iron Mountain Inc.'s proposed $550 million credit facility. The facility consists of a $350 million revolving credit facility due 2009 and a $200 million term loan B due 2011. The ratings are at the same level as the corporate credit rating. Net proceeds will be used to refinance existing debt. All existing ratings, including the 'BB-' corporate credit rating, were affirmed. Boston, Mass.-based Iron Mountain had total debt outstanding of $2 billion on Dec. 31, 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 are only partially
