eQ indeed sought a credit rating for the YKK fund 
In my opinion, there are two clear angles here:
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A credit rating opens access to the bond markets, which in turn reduces reliance on bank financing. In the best case, this could lower financing costs. Domestic banks have been quite reluctant to finance real estate funds in recent years, and thus diversifying financing options is more than smart.
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As I understand it, a credit rating is an investment criterion for at least some larger international investors. In addition, a credit rating is also a kind of quality/credibility stamp in international markets.
Considering these points, I consider applying for a credit rating to be well-justified.
Regarding international new sales, however, I still see redemption queues as a key challenge. It’s hard for me to believe that international investors would be willing to put new money into the fund when the purpose of the money is to pay for the redemptions of old owners. This gridlock needs to be resolved somehow, and the rise in interest rates doesn’t exactly make this task any easier. 