Boston-based Iron Mountain Inc. announced plans to convert to a real estate investment trust (REIT); as a result, we believe business and financial flexibility could be reduced. Iron Mountain's margin of compliance under its fixed charge covenant is likely to be tight because of higher tax expenditures related to its conversion to a REIT. We are placing our 'BB-' corporate credit and all other ratings on CreditWatch with negative implications. The CreditWatch listing reflects the possibility that we could lower the ratings if the company does not address financial covenants, or if we conclude the company's business and/or financial risk profile has weakened as a result of this plan. On June 7, 2012, Standard&Poor's Rating Services placed all
