Ørsted A/S in 2022 shows substantial scale, high investment in production assets, and sizable long-term borrowings. Key points:
- Equity: 95,532,000,000 DKK in 2023 vs 85,137,000,000 DKK in 2022.
- Hybrid Capital: 19,793,000,000 DKK in 2023 vs 17,984,000,000 DKK in 2022.
- Long-term borrowings: 60,451,000,000 DKK in 2023 vs 31,502,000,000 DKK in 2022.
- Noncurrent liabilities high; total equity 95,532,000,000 DKK; total liabilities 218,610,000,000 DKK (2023).
- Hybrid capital represents a meaningful portion of total adjusted capital (Hybrid Capital + Equity around 19.8B of ~115.5B total equity+debt excluding some). If we consider total adjusted capital (Equity + Adjusted Debt), hybrids currently approx 19.8B; total adjusted capital likely in ballpark >140B including debt; ratio maybe around 14% or more.
- There is already significant issuance activity: Proceeds from issuing hybrid capital 3.693B in 2022 and coupon payments 0.529B; repurchases 1.945B; so hybrids already present and rising.

Given S&P cap of 15% maximum equity credit on hybrids, and the company facing high capex needs (construction-in-progress, large production assets, Construction in Progress 48.93B in 2023 vs 57.1B 2022; capex heavy), and high long-term debt growth, it seems hybrid issuance could meaningfully improve adjusted leverage headroom but not overly distort cost of debt; guidelines: 11.25% if high capex intensity with significant leverage pressure; 15% if transformational capex and material downgrade risk without hybrids.

Ørsted is a leading renewables developer with strong cash flows; impairment risk moderate; but near-term financing needs due to large asset base and capex.

Assessing: moderate to high capex intensity; need to fund large ongoing projects; leverage elevated; hybrids already ~? current Hybrid Capital 19.8B; total adjusted capital probably around Equity 95.5B + Net debt (long-term + short-term borrowings ~ 60.5 + 2.83 = 63.33B plus current liabilities). Hard to precise.

If we consider total adjusted capital roughly 150-170B DKK; hybrids 19.8B = about 12-13%. Could go toward 11.25% or 15% cap. Given "maximum amount per year up to 3 billion euros" (~24-26B DKK) potential annual issuance. So feasible to reach 11.25% or 15% in 18 months.

Recommendation: target around 11.25% of total adjusted capital. This aligns with high capex and leverage pressure, while not pushing hybrds to max cap, preserves rating headroom, and allows further issuances up to 24-26B DKK if needed. Also spreads rating risk.

Final answer: <answer>11.25%</answer>