The 'BB-' rating on Boston-based Iron Mountain Inc. reflects our expectation that leverage will remain high and that the business will remain relatively capital-intensive. For these reasons, we view Iron Mountain's financial profile as aggressive. Our business profile assessment on the company is fair, reflecting our expectation that Iron Mountain's revenue growth will remain stable, despite some pressure on the company's core storage business due to migration to digital storage. In our view, Iron Mountain has a fair business risk profile because we expect near-term sales growth to remain stable, benefitting from low customer attrition, a diverse client base, and annual and multiyear contracts that provide recurring monthly storage fees. However, over the long-term, we believe that the company's rate
