The 'BB-' rating on Boston, Mass.-based Iron Mountain Inc. reflects high debt leverage, a history of debt-financed acquisitions, and aggressive financial policies, as well as the capital intensity of the records storage business. Iron Mountain's leading position as the world's largest records management company and its fairly stable growth from existing and new customer accounts are positives. Iron Mountain's operating performance has been steady. Organic revenue growth has averaged a high-single-digit rate for several years. For 2009, Iron Mountain projects a more moderate organic growth rate of 5% to 7%, which we believe may be a stretch goal given organic growth of 4% in the first quarter. Iron Mountain's revenues gain stability from low customer attrition, a diverse client base,
