The rating on Iron Mountain reflects Standard&Poor's Ratings Services' view that the company's financial risk profile is "aggressive" (based on our criteria), a function of its high leverage, relative capital intensity, and its increasingly shareholder-friendly policies. Our business profile assessment on the company is "fair," reflecting our view that Iron Mountain's business benefits from its market leadership and a strong base of recurring revenue. However, we believe that the company's revenue will decline somewhat because of pressure on the core storage business from migration to digital storage. Separately, the company's plan to convert itself into a REIT by Jan. 1, 2014, will further reduce the business and financial flexibility. Our assessment of management and governance is "fair." Iron
