Iron Mountain?s (IRM) S&P Global Ratings-adjusted leverage rose to 6.4x in the second quarter of 2023, we expect it will decrease to the low- area over the next 12 months. Leverage increased to 6.4x for the 12 months ended June 30, 2023, from 6.1x at the end of 2022, due primarily to higher restructuring costs and weak performance from the company?s ITRenew asset lifecycle management business. While we expected increased restructuring costs related to the company?s Project Matterhorn growth plan, ITRenew has significantly underperformed expectations due in large part to steep component pricing declines and slower turnover of data center servers from supply chain delays. We forecast the ITRenew business to gradually recover over the next 12 months. We believe
