The 'BB-' rating on Iron Mountain Inc. reflects Standard&Poor's Ratings Services' expectation that leverage will remain below our 5.5x fully-adjusted target for the rating, despite management's intention to return $2.2 billion to shareholders by 2013 year-end. We view the company's financial risk profile as aggressive, a function of its still-high leverage, relative capital intensity, and its increased shareholder return orientation. Our business profile assessment on the company is fair, reflecting our expectation that Iron Mountain's revenue growth will be at a mature but stable rate, due to both pressure on the company's core storage business from migration to digital storage and the soft economy. We believe that revenue for the fourth quarter and in 2012 will be relatively
