I need to analyze Moody's adjusted leverage for ENEL SPA in 2022. Moody's adjusted leverage typically focuses on debt/EBITDA or similar metrics, considering adjustments for pensions, leases, and other items.

Let me first calculate key financial metrics from the data provided.

**Revenue and Profitability:**
- Revenue 2022: €140,517M
- Revenue 2021: €85,719M
- Operating profit (Profit Loss From Operating Activities) 2022: €11,193M
- Operating profit 2021: €7,551M

**EBITDA proxy:**
I need to add back depreciation/amortization to operating profit:
- Depreciation Amortisation And Impairment 2022: €7,447M
- Depreciation Amortisation And Impairment 2021: €8,507M

EBITDA 2022 = 11,193 + 7,447 = €18,640M
EBITDA 2021 = 7,551 + 8,507 = €16,058M

**Debt analysis:**
From the balance sheet, let me look at borrowings:
- Longterm Borrowings 2023-01-01: €68,191M
- Longterm Borrowings 2022-01-01: €54,500M
- Shortterm Borrowings 2023-01-01: €18,392M
- Shortterm Borrowings 2022-01-01: €13,306M
- Current Portion Of Longterm Borrowings 2023-01-01: €2,835M
- Current Portion Of Longterm Borrowings 2022-01-01: €4,031M

Total debt at end 2022 (2023-01-01): 68,191 + 18,392 + 2,835 = €89,418M
Total debt at end 2021 (2022-01-01): 54,500 + 13,306 + 4,031 = €71,837M

**Debt/EBITDA (simplified leverage):**
2022: 89,418 / 18,640 = 4.80x
2021: 71,837 / 16,058 = 4.47x

This shows leverage increasing (deteriorating) based on this simple calculation.

However, let me also consider:
- Operating cash flow: €8,674M in 2022 vs €9,915M in 2021 (declining)
- Free cash flow (Operating CF - CapEx): 8,674 - 11,281 - 1,961 - 1,261 = negative in 2022

**Key observations for Moody's adjustments:**
1. Revenue increased significantly (65.6% growth), mainly due to higher energy prices
2. Operating profit improved significantly (48.2% growth)
3. But debt increased even faster (24.5% growth)
4. EBITDA margin improved but not enough to offset debt growth

**Moody's specific considerations:**
- Pension deficits: Provisions for employee benefits decreased from €2,724M to €2,202M (improving)
- Working capital: Significant increase in inventories (€3,109M to €4,853M) and receivables
- Derivatives: Large derivative positions (assets and liabilities) suggest hedging activities

**Cash flow from operations declined** from €9,915M to €8,674M despite higher revenue, indicating working capital pressure and potentially lower quality earnings.

**Capital expenditure increased:** Total purchase of PPE and intangibles was €13,242M in 2022 vs €12,201M in 2021.

The key issue is that while EBITDA grew, debt grew faster. The debt/EBITDA ratio worsened from approximately 4.5x to 4.8x. Additionally, the cash flow generation relative to debt weakened.

For a utility like ENEL, Moody's would also consider:
- Regulatory environment
- Asset base growth (capex vs depreciation)
- Discontinued operations showing losses (-€2,298M in 2022)

The trend shows:
- Higher absolute debt levels
- Debt growing faster than EBITDA
- Operating cash flow declining
- Negative free cash flow (after capex)

This indicates **deteriorating** leverage trends from a credit perspective, as the company's debt burden is increasing relative to its earnings and cash generation capacity.

<answer>Deteriorating</answer>