We expect that Boston-based global storage and information management services company Iron Mountain Inc. (IRM) will grow revenue and improve profitability in 2021, though we forecast adjusted leverage won't fall below our 6x downgrade threshold until 2022. We affirmed all of our ratings on IRM, including the 'BB-' issuer credit rating. The outlook remains negative to reflect the risks that IRM's leverage will remain above 6x in 2022 due to weaker-than-expected operating performance as well as its financial policy track record of favoring debt-financed investments and dividend payments over leverage reduction. It also reflects the risk that we could view IRM's business less favorably if high margin physical storage volume declines accelerate without offsetting profitable growth from emerging business lines.
