Iron Mountain Canada Operations ULC (a subsidiary of Iron Mountain Inc.) plans to issue C$250 million senior unsecured notes due 2023 and use the proceeds to pay down revolver balances and for general corporate purposes. We are affirming our 'BB-' corporate credit rating on Iron Mountain Inc. We are also assigning our 'BB-' issue-level rating and '3' recovery rating to Iron Mountain Canada's proposed C$250 million senior unsecured notes due 2023. In addition, we are revising our recovery rating on the company's C$200 million senior unsecured notes due 2021 to '3' from '2' and subsequently lowering the issue-level rating to 'BB-' from 'BB'. The stable rating outlook on Iron Mountain reflects our expectation that the company will be able to
