To assess the suitability of Ferrovial SA for the issuance of hybrid bonds, we must analyze its business profile, financial metrics, and strategic context against the provided guidelines.

**1. Business Profile and Cash Flow Visibility**
Ferrovial is a global infrastructure company. According to the provided facts, a significant portion of its assets consists of "Investments In Infrastructure Projects" (€13.67 billion in 2023), which are largely accounted for under the "Intangible Asset Model" (€13.5 billion). This model is typically used for concession-based infrastructure assets (like toll roads and airports) where revenue is derived from long-term contracts or regulated tariffs. The "Transportation Infrastructure" section of the S&P methodology highlights that companies with transparent, predictable regulatory/contractual frameworks and essential services have strong competitive advantages. Ferrovial’s portfolio (including Heathrow Airport and various toll roads) fits the description of "infrastructure-like" or "quasi-regulated" businesses with highly visible, stable cash flows. This aligns with the "Strongly Suitable" criterion of having regulated/quasi-regulated infrastructure assets.

**2. Financial Profile and Leverage**
*   **Equity and Debt:** Total Equity is €6.35 billion, and Noncurrent Liabilities are €13.14 billion. Total Debt (Noncurrent Borrowings + Current Borrowings) is approximately €11.65 billion (€10.78B noncurrent + €0.88B current).
*   **Profitability:** Profit from Operations (EBIT) is €423 million. Net Profit is €302 million.
*   **Leverage Ratios:** While exact FFO is not explicitly stated, we can infer the capital structure. The ratio of Debt to Equity is roughly 1.8x. For infrastructure companies, leverage is often higher due to the stable nature of cash flows. However, hybrid bonds are typically issued to optimize the capital structure by treating the instrument as equity for rating agency purposes (equity credit), thereby improving leverage ratios (Debt/EBITDA or FFO/Debt).
*   **Existing Hybrids:** The data shows "Perpetual Subordinated Bonds" with a nominal value change, indicating an existing hybrid program. The presence of existing hybrids suggests the company has established access to this market and uses it as part of its financial policy.

**3. Strategic Rationale and Market Conditions**
*   **Rating Headroom:** Infrastructure companies often target specific investment-grade ratings (BBB range) to minimize cost of capital. Issuing hybrids can provide equity credit (usually 50-100% depending on terms and rating agency methodology), which lowers reported leverage. Given Ferrovial's significant debt load relative to its operating profit, maintaining an investment-grade profile likely requires careful leverage management. Hybrids are a standard tool for this sector to preserve rating headroom without diluting existing shareholders.
*   **Refinancing and Funding:** The company has significant ongoing investments in infrastructure projects (€784 million invested in 2022). Hybrid bonds provide long-term, flexible capital that can support this capex or refinance existing debt, extending maturities and improving liquidity profiles.
*   **Market Environment:** The swap curves and bond spreads in 2022 show increased yields compared to 2020-2021. However, for a strong infrastructure issuer, the demand for hybrid instruments remains robust among institutional investors seeking yield pickup over senior debt. The "Strongly Suitable" criteria mention "High credibility of financial policy and ability to access institutional capital markets," which Ferrovial possesses as a major European infrastructure player.

**4. Assessment against Guidelines**
*   **Strongly Suitable Criteria:**
    *   *Regulated/Infrastructure-like:* Yes, Ferrovial operates toll roads and airports with long-term concessions/regulatory frameworks.
    *   *Investment Grade Profile:* Ferrovial is generally rated in the BBB category (BBB-/BBB).
    *   *Improve Leverage/Rating Headroom:* Yes, hybrids are crucial for infrastructure firms to manage leverage ratios within rating agency tolerances.
    *   *Strong Refinancing/Capex Rationale:* Yes, continuous infrastructure investment and debt maturity management.
    *   *Existing Hybrid Program:* Yes, indicated by the perpetual subordinated bonds line item.

*   **Marginally Suitable Criteria:**
    *   Ferrovial is not merely an "industrial" or "infrastructure-adjacent" issuer; it is a core infrastructure owner/operator. Its cash flows are more visible and protected than typical industrials.

*   **Not Suitable Criteria:**
    *   It is not highly cyclical in the manner of pure-play commodities or shipping. It is not distressed. It is not A-rated (which would make hybrids unnecessary/expensive relative to senior debt).

**Conclusion:**
Ferrovial fits the profile of a "Strongly Suitable" issuer. It operates in the transportation infrastructure sector with regulated/quasi-regulated assets, has a clear need to manage leverage metrics to maintain its investment-grade rating, has a track record of accessing hybrid capital markets, and uses these instruments as a core part of its capital structure strategy rather than just an opportunistic tool.

<answer>Strongly Suitable</answer>