To assess the suitability of Ferrovial SA for the issuance of hybrid bonds, we must analyze its business profile, financial position, and market context against the provided guidelines.

**1. Business Profile and Cash Flow Visibility:**
Ferrovial operates primarily in the **Transportation Infrastructure** sector (specifically airports via Heathrow, toll roads, and construction). According to the S&P methodology provided, transportation infrastructure companies with transparent regulatory/contractual frameworks and essential services often exhibit stable cash flows. Ferrovial’s asset base includes significant infrastructure investments (€13.6 billion in infrastructure projects), which typically support predictable revenue streams. This aligns with the "Strongly Suitable" or "Marginally Suitable" criteria regarding business type (infrastructure-like, highly visible cash flows).

**2. Financial Position and Leverage:**
*   **Equity:** Total Equity is €6.35 billion, with Equity Attributable to Owners of Parent at €4.11 billion.
*   **Debt:** Noncurrent borrowings are significant (€10.7 billion total noncurrent portion of other borrowings, plus infrastructure-specific debt).
*   **Profitability:** The company reported a Profit Loss Attributable to Owners of Parent of €186 million in 2022, down significantly from €1.198 billion in 2021. This decline was partly due to the absence of large fair value adjustments seen in the prior year.
*   **Leverage Trend:** While specific S&P ratios (Net Debt/EBITDA, FFO/Net Debt) are marked as "not available" in the prompt, the drop in net income and the substantial debt load suggest that leverage management is a key concern. Hybrid bonds are typically used to improve leverage ratios (treating the instrument as equity for rating purposes) and create rating headroom.

**3. Hybrid Issuance History and Market Signal:**
The prompt explicitly states: **"Issued hybrid bonds in 2021 or 2022: no"** and **"First year of hybrid bond issuance: stopped"**.
The guidance notes: *"An entity not having issued hybrid bonds recently is a strong signal that it is Not Suitable, or at most Marginally Suitable."*
Conversely, *"An entity having issued hybrid bonds is highly likely Strongly Suitable, or at least Marginally Suitable."*

The fact that Ferrovial has *stopped* issuing hybrids or has no recent issuance history is a critical negative signal. It suggests that either:
a) The company does not currently need the equity credit to maintain its rating (implying it might be Strong IG, though the leverage suggests otherwise, or it manages leverage through other means).
b) The cost of hybrids is deemed too high relative to the benefit (expensive subordinated debt).
c) The company prefers other forms of financing (e.g., asset recycling, standard debt, or equity).

**4. Suitability Assessment:**
*   **Strongly Suitable?** Unlikely. The company is not currently issuing hybrids, and there is no indication of a "deteriorating financial metric" crisis requiring immediate hybrid support to save a rating, nor is there an existing hybrid approaching a call date that needs refinancing. The "stopped" status contradicts the active usage typical of "Strongly Suitable" issuers who treat hybrids as core capital.
*   **Not Suitable?** Possible if the company is considered Strong IG (A or better) where hybrids offer little rating benefit, or if the cash flows are deemed too volatile. However, infrastructure companies often sit in the BBB range where hybrids are useful. The "Not Suitable" category also includes distressed or highly cyclical firms; Ferrovial is neither, given its infrastructure backbone.
*   **Marginally Suitable?** This fits best. Ferrovial is an infrastructure issuer with moderate-to-high leverage. It has the *capacity* to issue hybrids (market access, institutional investor base), and hybrids *could* provide rating headroom or leverage relief. However, the lack of recent issuance and the "stopped" status indicates it is not a core, recurring funding strategy. It would likely be an opportunistic move (e.g., for M&A or specific refinancing) rather than a structural necessity. The market data shows rising swap rates in 2022, making hybrids more expensive, which may have contributed to the pause in issuance.

**Conclusion:**
Ferrovial has the business profile (Infrastructure) that *can* support hybrid issuance. However, the explicit data point that it has **not** issued hybrids recently and has **stopped** doing so is a strong indicator against "Strongly Suitable." It is not "Not Suitable" because it is not distressed, nor is it a pure commodity/cyclical play; it has the credit profile to access the market if needed. Therefore, it falls into the "Marginally Suitable" category, where issuance is possible but opportunistic rather than structural, and the lack of recent activity suggests limited immediate drive or unfavorable cost/benefit dynamics at present.

<answer>Marginally Suitable</answer>