On March 14, 2007, Standard&Poor's Ratings Services assigned a bank loan rating of 'BB' and a recovery rating of '1' to the proposed $800 million credit facilities of Iron Mountain Inc., indicating high expectation of full recovery of principal in the event of a payment default. The credit facilities consist of a $600 million revolving credit facility due 2012 and a $200 million term loan due 2014. Proceeds from the proposed transaction will be used to repay existing debt and for general corporate uses. At the same time, we affirmed all existing ratings, including the 'BB-' corporate credit rating, on the company. The outlook is stable. Boston-based Iron Mountain had total debt outstanding of about $2.7 billion. Iron
