Boston-based information storage company Iron Mountain Inc. plans to issue US$450 million senior unsecured notes due 2023 and C$300 million senior unsecured notes due 2023. The company will use proceeds from the notes to refinance a portion of its existing senior subordinated debt. We are affirming our 'BB-' corporate credit rating. We are also assigning the proposed senior unsecured notes a 'BB-' issue-level rating. At the same time, we lowered our issue-level rating on all senior subordinated debt to 'B'. The issue-level rating on the senior secured credit facility remains 'BB+'. The negative outlook reflects the potential for increased financial risk in connection with the company's planned conversion to a REIT. On Aug. 8, 2013, Standard&Poor's Ratings Services
