Kungsleden is a case in point. Last September, Moody's rated the Swedish company Ba1, and affirmed that at least 30% of its properties must be unencumbered for it to be lifted one notch to investment grade. It has since worked towards that goal by reducing its portion of bank loans, and launching and issuing from a SKr5bn MTN programme. As at the end of March, 26% of its portfolio was not pledged as collateral. Its CEO, Biljana Pehrsson, says the company will consider issuing a Eurobond after it receives an investment-grade rating.