FERROVIAL SA is a major infrastructure and construction company with significant investments in toll roads, airports, and construction services. Its business model has infrastructure-like characteristics, particularly through its subsidiary investments (like the Intangible Asset Model investments in infrastructure projects totaling €13.5 billion), which provide quasi-regulated, long-term, and visible cash flows. This aligns with the "infrastructure-like" criteria for strong suitability. 

Financially, Ferrovial maintains an investment-grade profile. For the fiscal year ended December 31, 2022, the company reported total Equity of €6.354 billion and Profit Attributable to Owners of the Parent of €186 million. Total Noncurrent Borrowings stood at approximately €10.776 billion. While the company's underlying profitability was relatively modest in 2022 (with significant finance costs of -€320 million dragging down pre-tax profits), the issuance of hybrid bonds could materially improve adjusted leverage ratios (such as Net Debt/EBITDA or FFO/Debt) and provide much-needed rating headroom given the high debt load relative to current-year earnings. 

However, there are critical offsetting factors. First, the provided data indicates that Ferrovial has not issued hybrid bonds in 2021 or 2022, and its first year of hybrid bond issuance is marked as "stopped," with no existing hybrids approaching a call date requiring refinancing. According to the assessment guidelines, an entity not having issued hybrid bonds recently is a strong signal that it is "Not Suitable, or at most Marginally Suitable." Second, while the infrastructure arm provides stable cash flows, the parent entity also carries substantial construction and industrial operations (reflected in the €4.75 billion in inventories and large trade receivables/payables), which introduces higher cyclicality and moderate cash flow visibility compared to a pure-play regulated utility. Finally, without a specific immediate M&A transaction or refinancing need apparent from the data, the issuance would appear opportunistic rather than essential.

Balancing the infrastructure-like cash flow profile and the potential for hybrids to bolster leverage metrics against the lack of recent hybrid market presence and the mixed industrial/construction risk profile, Ferrovial falls into the marginally suitable category. Hybrids could serve as temporary credit support or opportunistic balance sheet optimization, but the market's reception may be sensitive to the construction volatility and the lack of an established recurring hybrid funding program.

<answer>Marginally Suitable</answer>