The ratings on Iron Mountain Inc. reflect the company's relatively high debt leverage, limited debt capacity for another major acquisition, and somewhat aggressive financial policies regarding its growth strategies. These factors are only partially offset by Iron Mountain's leading position as the world's largest records management company, and its reasonably stable growth from existing customers and new customer accounts. The company had debt outstanding of about $2 billion on Sept. 30, 2003. The company is the product of the February 2000 merger between Iron Mountain and Pierce Leahy Corp. The company 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 strengthens and expands its presence
