The company shows a solid size, stable regulated cash flows, and a reasonable equity cushion (equity ≈ 38 % of assets). Leverage is moderate‑high (net debt/EBITDA ≈ 5 ×) and interest coverage is modest (≈ 2.6 ×), which places it on the borderline for hybrid‑bond capacity. While the firm can service hybrid coupons and has adequate capital structure, the metrics do not meet the stricter thresholds for a “strong” suitability. Therefore, the assessment is that it is marginally suitable for issuing hybrid bonds.  

<answer>Marginally Suitable</answer>