Acciona already carries a substantial stock of hybrid securities – around €4.2 bn (non‑current + current). When we give hybrids 50 % equity credit, the equity‑credit portion is roughly €2.1 bn, which is already close to the S&P cap of 15 % of total adjusted capital (≈ €2.13 bn on a capital base of €14.2 bn). Any further hybrid issuance would push the equity‑credit portion beyond the 15 % limit, and the excess would be treated as debt, worsening leverage metrics and potentially triggering a downgrade.

The company does face large capex and some refinancing needs, but it can satisfy those requirements with senior debt, which is cheaper than hybrid funding. Issuing additional hybrid would increase the cost of debt, provide no meaningful rating benefit (since the equity‑credit headroom is exhausted), and would not improve the leverage profile. Therefore, the optimal strategy for the next 18 months is to refrain from new hybrid issuance.

**Recommendation:** No new hybrid bonds (0 % of total adjusted capital).

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