Based on the provided data and guidelines, here is the assessment of IBERDROLA SA’s suitability for hybrid bond issuance.

**Reasoning:**

1.  **Entity and Sector Profile:** Iberdrola is a major Spanish electric utility. The S&P methodology for "Regulated Utilities" and "Unregulated Power And Gas" is directly applicable. Iberdrola operates a massive network of regulated and quasi-regulated assets (€86.3B in Property, Plant and Equipment, €20.1B in Intangible Assets) with a large portion of its business in essential-service infrastructure. This aligns strongly with the "Strongly Suitable" profile for regulated, utility, and energy infrastructure businesses with highly visible cash flows.

2.  **Credit Profile and Financial Metrics:** The company has a solid investment-grade profile. Total assets are €154.7B against Equity of €58.1B. While the specific rating isn't directly stated, the provided S&P metrics (Net Debt/EBITDA of 3.91, FFO/Net Debt of 0.1965) for 2022 are indicative of a comfortable investment-grade (BBB area) credit profile, not an 'A or better' rating that would make it "Not Suitable." The Moody's adjusted leverage trend is "Stable."

3.  **Hybrid Issuance History and Rationale:** The data explicitly states that Iberdrola **issued hybrid bonds in 2021 or 2022** and first issued them in 2013. The equity statement includes "Emision De Obligaciones Perpetuas Subordinada" (Issuance of Perpetual Subordinated Obligations) and "Devengo De Intereses De Obligaciones Perpetuas Subordinadas" (Accrual of Interest...). The note "Existing hybrid bond approaching its first call date" is a specific strong signal for suitability, and a long-standing hybrid program with active management is a key characteristic of a "Strongly Suitable" issuer. The company is a frequent and credible issuer in the institutional capital markets, as evidenced by the massive financing cash flows.

4.  **Use of Proceeds and Financial Strategy:** The company has enormous, ongoing capital expenditure (€6.3B purchase of PP&E in 2022) and active debt management (€14.8B in debt issuances and €10.3B in repayments). Hybrids are a core, recurring part of Iberdrola's capital structure to fund its growth capex, manage its leverage metrics, and refinance existing hybrids, which is perfectly aligned with the "Strongly Suitable" criteria.

**Conclusion:** Iberdrola SA is a textbook example of a "Strongly Suitable" hybrid bond issuer. It operates in a capital-intensive, regulated/quasi-regulated essential-service industry, has a history of active hybrid bond usage as a core funding instrument, and its financial profile fits squarely in the investment-grade band where such instruments provide material credit benefit.

<answer>Strongly Suitable</answer>