The 'BB-' rating on Boston-based Iron Mountain Inc. reflects our expectation that leverage will remain high given the company's history of debt-financed acquisitions, aggressive financial policies, and the capital-intensive nature of the records storage business. It also reflects our expectation that Iron Mountain's revenues growth will remain stable because of low customer attrition, a diverse client base, and annual and multiyear contracts that provide recurring monthly storage fees. Iron Mountain's operating performance historically has been steady. Following several years of organic revenue growth averaging a high-single-digit percentage growth rate, Iron Mountain reported slower organic growth of 3% for 2009 due, in part, to the weak economy. For the first quarter ended March 31, 2010, revenues increased 7% year over year,
