Key points: - VINCI is a large diversified infrastructure/construction group with significant cash flows from contracts, concessions, and financing. It records Service Concession Rights, large assets, and substantial equity. It operates in regulated/concession-based segments (infrastructure) which provides visibility and steady cash flows. - Financial metrics: S&P Net Debt/EBITDA 2022 around 1.89 (solid investment-grade territory). Moody's adjusted leverage trend improving. FFO/debt (FFO/Net Debt) 0.4221 (lower but typical for highly leveraged infra) — still manageable with coverage; hybrid issuance could improve leverage headroom modestly. - Historically VINCI has not issued hybrid bonds (no hybrids in 2021/2022). The guideline notes that not having issued hybrids is a strong signal towards Not Suitable or at most Marginally Suitable. - Business is large scale, regulated-like concession infrastructure with stable cash flows, but still cyclical to some degree given construction and concession risks. However, regulators/concessions provide visibility. - S&P/Moody's view: Investment grade; hybrid could boost rating headroom but not essential if already IG. - Use of proceeds: hybrids are typically used for flexibility, but not strictly required if refinancing remains achievable. Given VINCI has not issued hybrids before, and while it has project-cash-flow visibility, its metrics are solid but not in need of equity-like perpetual subordinated funding. The policy leans toward Strongly Suitable for regulated/infrastructure with strong cash flows and rating headroom, but the absence of past hybrids weakens. Therefore, classify as Marginally Suitable: plausible, with moderate benefits, but not a clear imperative, and market reception could be sensitive to leverage. Also, for a large IG issuer, hybrids could be acceptable but not essential. Final: Marginally Suitable Marginally Suitable