S&P assigns Iron Mountain notes B

Standard & Poor's said it assigned its B rating to Iron Mountain Inc.'s proposed €175 million 6.75% senior subordinated notes due 2018.

Proceeds from the proposed debt issuance will be used to repay other debt, including borrowings under Iron Mountain's senior credit facilities and for general corporate purposes, the agency said, noting that it affirmed all existing ratings, including the BB- corporate credit rating.

The outlook is stable.

S&P said that the ratings reflect Iron Mountain's relatively high debt leverage, limited debt capacity for large acquisitions and aggressive financial policies supporting its growth strategies, adding that these factors are only partially offset by Iron Mountain's leading position as the world's largest records management company and its reasonably stable growth from existing and new customer accounts.

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