On Nov. 13, 2008, Standard&Poor's Ratings Services revised its rating outlook on Boston, Mass.-based Iron Mountain Inc. to stable from negative. We affirmed all ratings on the company, including the 'BB-' corporate credit rating. The outlook revision is based on the company's progress in reducing leverage and our expectation that acquisitions over the near term will remain moderate relative to historical activity. The 'BB-' rating reflects high debt leverage, a history of debt-financed acquisitions, and aggressive financial policies, as well as the capital intensity of the records storage business. Iron Mountain's leading position as the world's largest records management company and its fairly stable growth from existing and new customer accounts partially temper these factors. Iron Mountain's operating
