We believe that Massachusetts-based Iron Mountain Inc.'s acquisition of Recall Holdings Ltd. will enhance its size, scale, and geographic diversification. We expect pro forma leverage to moderate to the low-5x area by 2017 and to below our 5x threshold for the current rating on the company in 2018 as a result of improved operating margins. We are raising our ratings on Iron Mountain by one notch, including our corporate credit rating to 'BB-' from 'B+'. The stable rating outlook reflects our expectation that Iron Mountain will be able to leverage its increased size, scale, and geographic diversification to generate low- to mid-single-digit organic revenue growth while improving its operating margins and moderating leverage. On May 2, 2016, S&P Global Ratings
