S&P Global Ratings affirmed its ratings on global storage and information management services company Iron Mountain Inc., including its BB- corporate credit rating, while revising the outlook to negative from stable.
The company is acquiring Amsterdam-based data center businesses from EvoSwitch for €205 million.
S&P said the negative outlook reflects its projection that leverage could remain elevated in the mid-5x range beyond the next 12 months due to Iron Mountain's aggressive, largely debt-financed growth strategy.
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.
