The ratings reflect Iron Mountain Inc.'s relatively high debt leverage, limited debt capacity for large acquisitions, and aggressive financial policies supporting 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 and new customer accounts. Iron Mountain provides warehouse storage for paper-based files, and digital file management. Iron Mountain's high debt leverage has resulted from large, debt-financed acquisitions. These acquisitions significantly strengthened and expanded the company's presence in Europe but also increased debt levels. Future acquisitions of traditional records management businesses are likely to be smaller, fill-in deals because of increased regulatory and antitrust concerns. Iron Mountain's revenues are relatively recession-resistant because
