Iron Mountain Inc. plans to issue €300 million senior unsecured notes due 2025 and use the proceeds to pay down revolver balances. We are affirming our 'BB-' corporate credit rating on the company. We are also assigning our 'BB-' issue-level rating and '3' recovery rating to the company's proposed notes. Our ratings on the company's other debt are unchanged. The stable rating outlook reflects our expectation that Iron Mountain will continue to experience mid- to low-single-digit percentage revenue growth and improve its operating margins through efficiency initiatives. We also expect lease-adjusted leverage to moderate to the low-5x area and FOCF to debt to remain above 5% through 2018. On May 16, 2017, S&P Global Ratings affirmed its 'BB-' corporate credit
