The rating on Iron Mountain Inc. reflects Standard&Poor's Ratings Services' expectation that leverage will remain below our 5.5x 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" (based on our criteria), 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 view that Iron Mountain's business benefits from its market leadership and a strong base of recurring revenue. However, we believe that Iron Mountain's revenue will grow at a mature, but stable rate, due to both pressure on the company's core storage business from migration to
