On Jan. 9, 2007, Standard&Poor's Ratings Services today assigned its 'B' rating to Iron Mountain Inc.'s proposed €175 million 6.75% senior subordinated notes due 2018. Proceeds from the proposed debt issuance will be used to repay other debt, including borrowings under Iron Mountain Inc.'s senior credit facilities, and for general corporate purposes. We affirmed all existing ratings, including the 'BB-' corporate credit rating. The outlook is stable. Boston-based Iron Mountain had about $2.6 billion of debt outstanding as of Sept. 30, 2006. The ratings reflect Iron Mountain's relatively high debt leverage, limited debt capacity for large acquisitions, and aggressive financial policies supporting its growth strategies. These factors are only partially offset by Iron Mountain's leading position as the
