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Bulletin: Iron Mountain Inc. 'BB-' Rating Unaffected By Dividend Increase; Outlook Negative Jun 11
Standard & Poors, June 2011
Abstract
NEW YORK (Standard & Poor's) June 15, 2011--Standard & Poor's Ratings Services said today that its rating and outlook on Boston-based Iron Mountain Inc. (BB-/Negative/--) are not affected by the company's announcement that it increased its dividend by 33%. The dividend increase is part of the company's commitment to return $1.2 billion to shareholders by May 2012 and $2.2 billion to shareholders through 2013. We estimate pro forma annual dividends will be about 21% of EBITDA for the 12 months ended March 31, 2011. Conversion of EBITDA to discretionary cash flow was 28% in the 12 months ended March 31, 2011. The pro forma conversion rate would fall to 15%. The 'BB-' rating on Iron Mountain reflects our expectation that...
Companies mentioned in this report are: Iron Mountain Inc.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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