Based on the provided annual report data for TenneT Holding B.V. for the fiscal year ended December 31, 2022, the entity’s suitability for issuing hybrid bonds can be assessed.

TenneT is a transmission system operator, a classic regulated utility with highly visible cash flows, and it already has a history of issuing hybrid bonds (first issued in 2010, with existing hybrid capital of EUR 2,125 million). This immediately places it in the “Strongly Suitable” or “Marginally Suitable” category. The company’s financial metrics are under significant pressure: it reported a net loss of EUR 879 million, its S&P Net Debt/EBITDA ratio is extremely high at 83.85x, and its FFO/Net Debt is negative at -0.01x. The Moody’s adjusted leverage trend is “Deteriorating.” The company is in a heavy capital expenditure cycle (CAPEX of EUR 4,424 million), which is funded by a substantial increase in long-term borrowings (from EUR 12,366 million to EUR 19,006 million). A EUR 1,230 million equity contribution from the owner was made in 2022, yet metrics are still deteriorating. This suggests a strong rationale for issuing hybrid bonds to preserve the current rating, improve adjusted leverage and FFO/debt metrics, and support its funding needs. The regulatory framework (as a Dutch state-owned TSO) and the company’s essential service profile provide high cash flow visibility. All of these factors align strongly with the “Strongly Suitable” criteria.

<answer>Strongly Suitable</answer>