Standard&Poor's Ratings Services derives its 'BB-'rating on Iron Mountain Inc. from: Our anchor of 'bb-', based on our "fair" business risk and "aggressive" financial risk profile assessments for the company. Analytical modifiers, which had no impact on the final rating outcome. Global market leader with scale benefits in the records management business; Strong recurring revenue base from monthly storage fees; Potential for declining storage volume resulting from increased prevalence of digital storage and paperless work environments; and Declining demand for services in North America, including shredding and data retention. High debt leverage; Healthy cash flow from operations; Heavy capital spending; and Diminished financial flexibility, in our view, if converted to a real estate investment trust(REIT). The negative outlook
