U.S.-based storage and information management solutions company Iron Mountain Inc.'s leverage has increased to the mid-5x area as a result of increased shareholder payouts, acquisitions, and costs associated with converting to a REIT. We do not expect the company to lower leverage to below 5x within one year. The company has received a positive ruling from the Internal Revenue Service to convert to a REIT. We are lowering the company's corporate credit rating to 'B+' from 'BB-'. The stable outlook reflects our view that the company will achieve low-single-digit consolidated revenue growth with relatively stable EBITDA margins and that progress to deleverage will depend on risks related to the company regularly issuing significant amounts of equity to fund negative discretionary
