Moody’s revises Iron Mountain view to stable

Moody's Investors Service said it affirmed Iron Mountain Inc.’s Ba3 corporate family rating, Ba3-PD probability of default rating and the Ba1 and B1 senior unsecured and senior subordinated debt ratings, respectively.

The outlook was revised to stable from negative and the SGL-2 speculative grade liquidity rating was affirmed.

The actions were prompted by Iron Mountain's announcement that it has received a favorable private letter ruling from the U.S. Internal Revenue Service with respect to its plans to convert certain of its subsidiaries to a real estate investment trust.

Moody’s said the stable outlook reflects an expectation for low single-digit revenue and EBITDA growth over the next 12 to 18 months and the maintenance of a good liquidity profile.

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