To estimate Moody's adjusted leverage trend for 2022, we must first approximate the adjusted leverage ratio for 2021 and 2022 and compare them. 

Moody's adjusted leverage typically measures gross debt (including hybrid securities treated as debt, lease liabilities, and often concession liabilities) relative to adjusted EBITDA (operating income + D&A). 

**1. 2021 Adjusted Leverage:**
- **Adjusted Gross Debt 2021:** Noncurrent financial liabilities (6,793M) + Noncurrent lease liabilities (1,190M) + Noncurrent concession liabilities (1,319M) + Current financial liabilities (5,228M) + Current lease liabilities (370M) + Current concession liabilities (142M) + Deeply subordinated securities (1,987M) = **17,029M EUR**
*(Note: The 2022-01-01 balance sheet values represent the closing position for 2021).*
- **Adjusted EBITDA 2021:** Operating income (1,317M) + Operating D&A (2,117M) + Financial D&A (4M) = **3,438M EUR**
- **2021 Leverage Ratio:** 17,029 / 3,438 = **4.95x**

**2. 2022 Adjusted Leverage:**
- **Adjusted Gross Debt 2022:** Noncurrent financial liabilities (19,692M) + Noncurrent lease liabilities (1,656M) + Noncurrent concession liabilities (1,680M) + Current financial liabilities (6,521M) + Current lease liabilities (496M) + Current concession liabilities (243M) + Deeply subordinated securities (3,496M) = **33,784M EUR**
*(Note: The 2023-01-01 balance sheet values represent the closing position for 2022).*
- **Adjusted EBITDA 2022:** Operating income (2,333M) + Operating D&A (3,179M) + Financial D&A (15M) = **5,527M EUR**
- **2022 Leverage Ratio:** 33,784 / 5,527 = **6.11x**

**Conclusion:**
The adjusted leverage ratio increased significantly from approximately 4.95x in 2021 to 6.11x in 2022. This substantial rise in leverage, primarily driven by the Suez acquisition increasing debt levels proportionally more than EBITDA growth, indicates a **Deteriorating** trend.

<answer>Deteriorating</answer>