Based on the provided financial data and S&P methodology guidelines, FERROVIAL SA is assessed as follows:

1.  **Business Profile:** Ferrovial is a transportation infrastructure and construction company. According to the S&P methodology, transportation infrastructure (toll roads, airports, etc.) qualifies as "infrastructure-like" or "quasi-regulated" with highly visible cash flows, provided it operates under long-term concession frameworks. Ferrovial’s balance sheet shows massive "Investments In Infrastructure Projects" (€13.66 billion) making up the vast majority of its assets, alongside significant noncontrolling interests (€2.24 billion) typical of consortium-held infrastructure concessions. This aligns strongly with the "infrastructure-like" criteria for a "Strongly Suitable" hybrid issuer. 

2.  **Financial Profile & Leverage:** Looking at the 2022 financials, Total Debt is approximately €11.65 billion (calculated as Noncurrent Borrowings of €10.77B + Current Borrowings of €0.87B). Equity stands at €6.35 billion, yielding a Debt-to-Equity ratio of roughly 1.8x. FFO/Cash Flow from Operations was €1.0 billion against this debt load, implying an FFO-to-Debt ratio in the low double digits (approx. 8-10%). This indicates a high-leverage, low-investment-grade profile (BBB area), where the equity credit from a hybrid bond could materially improve adjusted leverage and rating headroom, fitting the core rationale for hybrid issuance.

3.  **Existing Hybrids & Refinancing Rationale:** The equity statement explicitly lists "Perpetual Subordinated Bonds" under "Other Equity Securities" (€508 million ending balance in 2023), with transaction entries showing ongoing interest/coupon payments. The existence of this legacy hybrid debt strongly suggests a potential refinancing need, especially if the existing bonds are approaching a step-up or call date, fulfilling the "existing hybrid bond approaching its first call date" criterion for Strongly Suitable.

4.  **Market Access & Cash Flows:** Despite high leverage, Ferrovial’s infrastructure assets generate stable, predictable cash flows (CFO of €1.0B), supporting reliable debt service. The company demonstrates access to institutional capital markets (proceeds from borrowings of €1.2B in 2022). While its revenue also includes cyclical construction work (customer advances of €1.36B), the dominant infrastructure investment portfolio provides the necessary cash flow visibility and credit stability.

In summary, Ferrovial's infrastructure-concession business model, existing hybrid bonds likely needing refinancing, high leverage that would benefit materially from equity credit, and low-investment-grade financial metrics make it a strong candidate for hybrid issuance.

<answer>Strongly Suitable</answer>