To stay within the S&P Global Ratings limit, the company’s equity‑credit‑eligible hybrid instruments should not exceed 15 % of total adjusted capital (debt + equity).  

- Total equity (2023‑01‑01): €6,304 M  
- Total debt (including loans, lease liabilities and hybrid securities): €7,928 M  
- Total adjusted capital = €6,304 M + €7,928 M = €14,232 M  

15 % of total adjusted capital = 0.15 × €14,232 M ≈ €2,135 M.  

Current hybrid securities (participaciones preferentes) amount to €4,240 M, which already surpasses the €2,135 M cap. Therefore, no additional hybrid bonds should be issued; the company should utilize 0 % of the allowed capacity.

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