I need to analyze the leverage trend for REDEIA CORPORACION SA in 2022. Let me examine the key debt and equity metrics.

First, let me identify the relevant figures for leverage calculation:

**2022-01-01 (beginning of 2022, which is end of 2021):**
- Total Assets: 13,984,478,000 EUR
- Total Equity: 3,685,131,000 EUR
- Total Liabilities = Assets - Equity = 13,984,478,000 - 3,685,131,000 = 10,299,347,000 EUR

**2023-01-01 (end of 2022):**
- Total Assets: 14,781,520,000 EUR
- Total Equity: 4,894,276,000 EUR
- Total Liabilities = 14,781,520,000 - 4,894,276,000 = 9,887,244,000 EUR

Let me also look at specific debt components:

**Noncurrent Financial Liabilities:**
- 2022-01-01: 5,953,434,000 EUR
- 2023-01-01: 5,543,755,000 EUR

**Current Financial Liabilities:**
- 2022-01-01: 2,144,425,000 EUR
- 2023-01-01: 1,705,277,000 EUR

**Total Financial Debt:**
- 2022-01-01: 5,953,434,000 + 2,144,425,000 = 8,097,859,000 EUR
- 2023-01-01: 5,543,755,000 + 1,705,277,000 = 7,249,032,000 EUR

Now let me calculate key leverage ratios:

**Debt-to-Equity Ratio:**
- 2022-01-01: 8,097,859,000 / 3,685,131,000 = 2.20x
- 2023-01-01: 7,249,032,000 / 4,894,276,000 = 1.48x

**Debt-to-Total Assets (Debt Ratio):**
- 2022-01-01: 8,097,859,000 / 13,984,478,000 = 57.9%
- 2023-01-01: 7,249,032,000 / 14,781,520,000 = 49.0%

**Total Liabilities-to-Equity:**
- 2022-01-01: 10,299,347,000 / 3,685,131,000 = 2.79x
- 2023-01-01: 9,887,244,000 / 4,894,276,000 = 2.02x

Let me also check the equity growth vs debt changes:

Equity increased from 3,685,131,000 to 4,894,276,000 — an increase of 1,209,145,000 EUR (32.8% increase)

Total financial debt decreased from 8,097,859,000 to 7,249,032,000 — a decrease of 848,827,000 EUR (10.5% decrease)

This is driven by:
- Strong comprehensive income of 790,460,000 EUR
- Significant increase in equity attributable to owners (from 3,631,082,000 to 4,789,535,000)
- Noncontrolling interests also increased substantially (from 54,049,000 to 104,741,000)

The cash flow statement also shows:
- Strong operating cash flows: 1,566,829,000 EUR
- Significant investing outflows (1,641,325,000 EUR) — mainly financial instruments and acquisitions
- Financing activities used cash (708,187,000 EUR) — debt repayment and dividends

Moody's adjusted leverage typically focuses on debt/EBITDA or debt/capitalization. Let me also look at profitability:

EBITDA proxy = Profit from operating activities + Depreciation and amortization
- 2022: 961,554,000 + 544,992,000 = 1,506,546,000 EUR
- 2021: 991,970,000 + 522,114,000 = 1,514,084,000 EUR

Debt/EBITDA:
- 2022: 8,097,859,000 / 1,514,084,000 = 5.35x (using beginning debt with current year EBITDA)
- 2023: 7,249,032,000 / 1,506,546,000 = 4.81x

However, using more appropriate period-end or average figures, the trend is clearly improving.

Key observations for Moody's adjusted leverage:
1. **Total financial debt decreased by ~10.5%** (from ~8.1B to ~7.25B EUR)
2. **Equity increased by ~32.8%** (from ~3.7B to ~4.9B EUR)
3. **Debt-to-equity improved significantly** from 2.20x to 1.48x
4. **Debt-to-assets improved** from 57.9% to 49.0%
5. **Strong operating cash flow generation** of 1.57B EUR supports debt service capacity
6. The company reduced both long-term borrowings (5,896M to 5,491M) and current borrowings (1,392M to 722M)

The substantial deleveraging is driven by equity growth (retained earnings, comprehensive income) combined with active debt reduction. This represents a clear improving trend in leverage metrics.

<answer>Improving</answer>