Based on the provided data, here is the assessment of FERROVIAL SA's suitability for hybrid bond issuance:

**Reasoning:**

1.  **Business Profile (Competitive Position):** Ferrovial is a transportation infrastructure operator (toll roads, airports, etc.). According to the S&P methodology for "Transportation Infrastructure," this sector has moderate-to-high cash flow visibility, especially when supported by long-term concessions, strong regulatory frameworks, and strategic assets. Ferrovial’s massive "Investments in Infrastructure Projects" (€13.7 billion) confirms it is an infrastructure developer and operator. The data shows significant assets tied to projects, aligning with an "infrastructure-adjacent" or "infrastructure" business. This is not a regulated utility, but the nature of its core assets provides more visibility than a pure industrial or cyclical commodity company.

2.  **Financial Profile:**
    *   **Leverage:** Total Noncurrent Borrowings are €10.8 billion versus Equity of €6.4 billion. The debt load is substantial, driven by project financing (€7.9 billion in non-current project debt).
    *   **Profitability:** Profit from continuing operations was €238 million, which is modest relative to the €7.6 billion in revenue. The EBITDA generation needs to be estimated but significant depreciation (€299 million) and finance costs (€320 million) are clear pressures.
    *   **Credit Metrics:** While exact S&P ratios (FFO/Debt) are "not available," the massive infrastructure debt and mid-single-digit profitability margins suggest the credit profile is likely in the BBB or BBB- area, making it a candidate where a hybrid could offer rating headroom. The company already has "Perpetual Subordinated Bonds" on its balance sheet in equity (€508 million), indicating familiarity with the instrument.

3.  **Hybrid Issuance Suitability Signals:**
    *   **Negative Signal (Crucial):** The prompt explicitly states: "Issued hybrid bonds in 2021 or 2022: no" and "First year of hybrid bond issuance: stopped." The guidance specifies, "an entity not having issued hybrid bonds recently is a *strong* signal that it is Not Suitable, or at most Marginally Suitable." This is a major disqualifier for "Strongly Suitable."
    *   **Positive Signal:** The company does have Perpetual Subordinated Bonds historically, demonstrating market access.
    *   **Refinancing Need:** With €877 million in current borrowings and significant project financing, there is a strong ongoing refinancing rationale.

4.  **Synthesis:** The company operates in the transportation infrastructure sector, which is a "marginally suitable" to "strongly suitable" sector depending on cash flow visibility. Its size, asset base, and established capital market access support suitability. However, the explicit note that it has *not* recently issued hybrids and that its issuance history "stopped" is a critical factor. An infrastructure company with a need for credit support but without a current hybrid issuance program aligns best with **Marginally Suitable**, as the issuance would likely be seen as opportunistic for refinancing or leverage management rather than a core, recurring funding tool. The "stopped" status and lack of a recent issuance preclude it from being "Strongly Suitable."

<answer>Marginally Suitable</answer>