The company has a strong capital structure with substantial equity and low leverage, as indicated by a net debt to EBITDA ratio of approximately 1.93 and interest coverage of over 10. Additionally, the company generates robust operating cash flows, allowing it to fund growth, pay dividends, and repurchase shares without needing external financing. Given the availability of internal cash flows and the higher cost associated with hybrid bonds compared to straight debt, there is no compelling reason for the company to utilize hybrid bonds at this time. Therefore, the company should not utilize hybrid bonds relative to the S&P Global Ratings' cap.

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