FERROVIAL SA appears to be infrastructure/regulated-like mix (infrastructure projects, concessions, utilities-like assets) with substantial noncurrent assets, investment in infrastructure projects, and large capex financed via debt including project finance. The provided data shows ongoing heavy capital expenditure, project financing, and significant leverage components in noncurrent borrowings, with complex corporate structure and entities classified as infrastructure projects. However, there is no evidence of existing hybrid bonds issued; the note says no hybrids issued in 2021/2022 and first-year issuance stopped. S&P/Moodys metrics for 2022 not available here, but the entity seems investment-grade potential given large, diversified asset base and critical infrastructure characteristics, though revenues are potentially cyclical given construction/infrastructure exposure. The lack of hybrids historically and cessation suggests not currently pursuing hybrid funding; per guidelines, not issuing hybrids recently is a strong signal of Not Suitable or at best Marginally Suitable. Given the mix of regulated-like cash flows and high capex/infrastructure with potential rating headroom, but absence of hybrid issuance and uncertain refinancing headroom, the cautious stance would be Marginally Suitable.

Final: <answer>Marginally Suitable</answer>