The company’s total adjusted capital (debt + equity) is roughly €46.97 bn, so the S&P cap for equity‑credit‑eligible hybrids is 15 % × €46.97 bn ≈ €7.05 bn. Veolia already carries €3.5 bn of deeply‑subordinated securities, which represents about 7.5 % of adjusted capital – roughly 50 % of the permitted equity‑credit cap. Given the firm’s high leverage (debt/equity ≈ 2.2) and upcoming capital‑expenditure needs, it should stay well within the cap. Maintaining hybrid usage at about half the allowable limit is prudent.

<answer>50%</answer>