To estimate Moody’s adjusted leverage trend, I’ll focus on how debt and earnings moved from 2021 to 2022.

**1. Debt components**  
Moody’s typically considers total debt including leases, provisions, and certain other liabilities.  
- Non-current borrowings + bonds:  
  - 2022: Participaciones Preferentes Obligaciones (3,101M) + Noncurrent loans (2,624M) + Noncurrent lease liabilities (439M) = 6,164M  
  - 2021: 2,364M + 2,073M + 430M = 4,867M  
- Current borrowings + bonds + leases:  
  - 2022: Current bonds (1,139M) + Current loans (553M) + Current leases (72M) = 1,764M  
  - 2021: 1,666M + 280M + 68M = 2,014M  
- Total debt:  
  - 2022: 6,164M + 1,764M = 7,928M  
  - 2021: 4,867M + 2,014M = 6,881M  
  Increase in total debt = +1,047M.

**2. Earnings measure**  
Moody’s often uses EBITDA or operating profit after adding back depreciation/amortization.  
- Operating profit (EBIT):  
  - 2022: 1,334M  
  - 2021: 829M  
  Increase = +505M (+61%).

**3. Leverage ratio impact**  
Leverage = Debt / Earnings.  
Debt increased ~15%, but operating profit increased ~61%. So the ratio should decline significantly, meaning leverage improves.

Thus, the trend is improving.

<answer>Improving</answer>