ENI is a large integrated energy company with substantial assets and cash flows. From the 2022 data provided: - Equity 55.23B EUR; Liabilities 96.9B EUR; total adjusted capital = Equity + Adjusted Debt. We have long-term borrowings 19.374B, short-term borrowings 4.446B, current portion of long-term borrowings 3.097B, lease liabilities etc. Adjusted debt would include borrowings and lease liabilities net of cash. Cash and cash equivalents ~10.18B (2023), ~8.26B (2022). Net debt position likely high but not extraordinary for an integrated O&G company; EBITDA and cash flows are large: Profit loss before tax 22.05B; Net income 13.96B; Operating cash flow 17.46B; Capex substantial (e.g., purchases of PP&E 7.7B in 2022). There is already some hybrid issuance historically? The data includes "Costs For Issue Of Perpetual Subordinated Bonds" entries in 2020-2022 and carry value in equity. So ENI already has perpetual subordinated bonds in capital structure (hybrids). The extent of hybrids outstanding is not explicitly provided in the data; but there are past transactions involving perpetual subordinated bonds (issuance costs, coupon payments) indicating presence of hybrids. S&P methodology for hybrids credit: cap on equity credit for hybrids to max 15% of total adjusted capital. We must choose from 0, 3.75, 7.5, 11.25, 15% given constraints: maximum annual issuance 3B. We need to decide extent to issue hybrids in next 18 months. Given high capex (energy transition, assets) and potential leverage optimization, but given ENI is investment-grade and large, may have rating in A range. The notes: 0% would be if strong credit, no need; 7.5% if moderate refinancing needs etc; 11.25% for high capex intensity; 15% for transformational capex. ENI 2022 had net debt around? Net debt approximated by total liabilities minus cash: 96.9B - 10.6B ≈ 86B. Equity 55B. Total adjusted capital ≈ 141B. If hybrids outstanding count toward adjusted debt, but not sure. If they issue up to 15% of total adjusted capital that would be 21.15B in hybrids. Current outstanding hybrids unknown; but annual new issuance cap 3B reduces. I think ENI faces significant capex and potential debt financing needs; but it's an incumbent with strong cash flow; hybrids could provide balance sheet flexibility without diluting equity. The rating headroom is likely modest; using hybrids could help preserve rating. So I would choose 11.25% or 15%. Given the cap applies if problematic; but "maximum of 15%" is allowed. Since ownership wants to maximize rating stability, but guidelines: 11.25% corresponds to high capex intensity or large pipeline; 15% corresponds to transformational capex or material downgrade risk without hybrids. ENI's capex is substantial but not transformational; 11.25% seems appropriate. Also market data 2022 swap curves show rates rising; cost of hybrids roughly equal debt; but the guideline says hybrids cost similar to debt; might be acceptable. Thus choose 11.25%. Provide final answer line. 11.25%