To estimate Moody’s adjusted leverage trend, we look at the core components of the leverage ratio (Net Debt / EBITDA) for Enel SpA between 2021 and 2022.

1. **Net Debt Calculation:**
   - **2021-01-01 (End of 2021):**
     - Total Borrowings = Short-term (13,306M) + Current portion of Long-term (4,031M) + Long-term (54,500M) = 71,837M EUR.
     - Cash and equivalents = 8,858M EUR.
     - Net Debt ≈ 62,979M EUR.
   - **2022-01-01 (End of 2022):**
     - Total Borrowings = Short-term (18,392M) + Current portion of Long-term (2,835M) + Long-term (68,191M) = 89,418M EUR.
     - Cash and equivalents = 11,041M EUR.
     - Net Debt ≈ 78,377M EUR.
   - **Trend:** Net debt increased significantly (approx. 15.4 billion EUR).

2. **EBITDA Approximation:**
   - Profit/Loss from Operating Activities (2021): 7,551M EUR.
   - Depreciation, Amortisation, and Impairment (2021): 8,507M EUR.
   - Approximate 2021 EBITDA = 7,551M + 8,507M = 16,058M EUR.
   - Profit/Loss from Operating Activities (2022): 11,193M EUR.
   - Depreciation, Amortisation, and Impairment (2022): 7,447M EUR.
   - Approximate 2022 EBITDA = 11,193M + 7,447M = 18,640M EUR.

3. **Leverage Ratio Trend:**
   - 2021 Ratio: 62,979 / 16,058 ≈ 3.92x.
   - 2022 Ratio: 78,377 / 18,640 ≈ 4.20x.

The leverage ratio has increased from approximately 3.9x to 4.2x. An increase in the net debt-to-EBITDA ratio indicates a deteriorating trend in adjusted leverage.

<answer>Deteriorating</answer>