Research Update: Iron Mountain Inc. Outlook Revised To Negative From Stable On High Leverage Following Acquisition; Ratings Affirmed

On May 30, 2018, Boston-based global storage and information management services company Iron Mountain Inc. announced that it is acquiring an Amsterdam-based data center from EvoSwitch for $235 million, including $25 million in service credit to be utilized over 10 years. S&P Global affirmed its ratings on Iron Mountain, including the 'BB-' corporate credit rating, and revised its outlook to negative from stable. The negative outlook reflects our expectation that leverage could remain elevated in the mid-5x range beyond the next 12 months due to the company's aggressive, largely debt-funded growth strategy. On May 30, 2018, S&P Global Ratings affirmed its ratings on Boston-based global storage and information management services company Iron Mountain Inc., including the 'BB-' corporate credit rating,

...+ On May 30, 2018, Boston-based global storage and information management services company Iron Mountain Inc. announced that it is acquiring an Amsterdam-based data center from EvoSwitch for $235 million, including $25 million in service credit to be utilized over 10 years. + S&P Global affirmed its ratings on Iron Mountain, including the '##-' corporate credit rating, and revised its outlook to negative from stable. + The negative outlook reflects our expectation that leverage could remain elevated in the mid-5x range beyond the next 12 months due to the company's aggressive, largely debt-funded growth strategy....

Research Update