Research Update: Iron Mountain Inc. Outlook Revised To Stable From Negative, Ratings Affirmed On Improved Business Stability

We are revising our outlook on Boston-based global storage and information management services company Iron Mountain Inc. (IRM) to stable from negative and are affirming all of our ratings on the company and its subsidiaries, including the 'BB-' issuer credit rating. Despite IRM's persistently high adjusted debt leverage, the outlook revision reflects our expectation for steady operating performance and increasing revenue over the next two to three years. It also incorporates our view that IRM's revenue stability, scale, and certain operating metrics compare favorably with those at many higher-rated REITs. Accordingly, we are raising our adjusted debt to EBITDA downgrade threshold to 6.0x from the low-5x area. The stable outlook reflects our view that the company will make financial policy

...+ We are revising our outlook on Boston-based global storage and information management services company Iron Mountain Inc. (IRM) to stable from negative and are affirming all of our ratings on the company and its subsidiaries, including the '##-' issuer credit rating. + Despite IRM's persistently high adjusted debt leverage, the outlook revision reflects our expectation for steady operating performance and increasing revenue over the next two to three years. It also incorporates our view that IRM's revenue stability, scale, and certain operating metrics compare favorably with those at many higher-rated REITs. + Accordingly, we are raising our adjusted debt to EBITDA downgrade threshold to 6.0x from the low-5x area. + The stable outlook reflects our view that the company will make financial policy choices regarding its dividend and other investments over the next few years that will enable it to reduce its adjusted debt to EBITDA closer towards its financial policy target of 5.0x. Our revised...

Research Update