Moody's Investors Service affirmed the Ba3 corporate family rating and the SGL-3 speculative grade liquidity rating of Iron Mountain Inc. and maintained the rating outlook at negative.
The rating agency also withdrew the Ba3-PD probability default rating for the Boston-based storage real estate investment trust.
Moody's said the Ba3 corporate family rating was attributed to the REIT's leading position in the North American storage and information market, its large base of recurring storage rental revenues and its large scale and diversified geographical footprint.
The company's solid leverage and coverage metrics as compared to similarly rated companies also contribute to its credit profile.
Moody's negative outlook, meanwhile, reflects its concern on the company's effective leverage, which may remain high for an extended period, as it previously relied on debt to finance its capital requirements and purchases, according to its history.