To estimate Moody’s adjusted leverage trend for 2022, we need to compare the leverage ratio at the beginning of 2022 (end of 2021) with the leverage ratio at the end of 2022 (beginning of 2023). 

Moody's adjusted leverage is typically calculated as Adjusted Debt / Adjusted Equity (or Debt/EBITDA, but given the provided balance sheet data, Debt-to-Equity is the most direct and standard metric for balance sheet leverage adjustments). Moody's typically adjusts debt by adding 50% (or sometimes 100%) of hybrid capital to equity, and long-term borrowings + short-term borrowings serve as the gross debt figure.

**1. Leverage at the beginning of 2022 (2022-01-01):**
- Long-term Borrowings: 12,366,000,000 EUR
- Short-term Borrowings: 1,339,000,000 EUR
- Gross Debt: 13,705,000,000 EUR
- Hybrid Capital: 2,125,000,000 EUR
- Base Equity (Equity Attributable To Owners Of Parent + Noncontrolling Interests): 6,969,000,000 + 455,000,000 = 7,424,000,000 EUR
- Adjusted Equity (Base Equity + 50% Hybrid Capital): 7,424,000,000 + 1,062,500,000 = 8,486,500,000 EUR
- **Adjusted Leverage (2022-01-01):** 13,705,000,000 / 8,486,500,000 ≈ **1.615x**

**2. Leverage at the end of 2022 (2023-01-01):**
- Long-term Borrowings: 19,006,000,000 EUR
- Short-term Borrowings: 709,000,000 EUR
- Gross Debt: 19,715,000,000 EUR
- Hybrid Capital: 2,125,000,000 EUR
- Base Equity: 7,258,000,000 + 455,000,000 = 7,713,000,000 EUR
- Adjusted Equity (Base Equity + 50% Hybrid Capital): 7,713,000,000 + 1,062,500,000 = 8,775,500,000 EUR
- **Adjusted Leverage (2023-01-01):** 19,715,000,000 / 8,775,500,000 ≈ **2.246x**

*(Note: If evaluating Net Debt leverage by subtracting cash, Net Debt rose from ~10.5B to ~13.2B, and Net Debt/Equity rose from ~1.24x to ~1.50x. Regardless of the specific debt adjustment, leverage significantly increased.)*

**3. Trend Analysis:**
The adjusted leverage ratio increased significantly from approximately 1.6x at the start of 2022 to 2.2x at the end of 2022. This is driven by a massive 43% increase in gross debt (primarily long-term borrowings) to fund capital expenditures, while equity only grew by a modest 3.9%. A sharply rising leverage ratio indicates a deteriorating credit profile.

<answer>Deteriorating</answer>