The ratings on Iron Mountain Inc. reflect its fairly aggressive, although moderating, financial policies regarding its growth strategies. These factors are offset by Iron Mountain's leading position as the world's largest records management company, its reasonably stable growth from existing customers and new customer accounts, and modest debt capacity within the ratings to accommodate capital spending and acquisition activity. The company had debt outstanding of about $1.8 billion on June 30, 2003. The company is the product of the February 2000 merger between Iron Mountain and Pierce Leahy Corp. The company now enjoys a dominant market position and an established footprint in less developed overseas markets. Iron Mountain's recent acquisition of Hays PLC's information management services strengthened and expanded its
