I need to analyze the trend in leverage for IBERDROLA SA based on the financial data provided. Let me calculate key leverage metrics for 2021 and 2022.

First, let me identify the relevant figures:

**Balance Sheet Data:**

For 2022 (Previously Stated 2022-01-01, which is beginning of 2022 = end of 2021):
- Total Assets: 141,752,000,000 EUR
- Total Equity: 56,126,000,000 EUR
- Total Liabilities = 141,752,000,000 - 56,126,000,000 = 85,626,000,000 EUR

For 2023 (2023-01-01, which is beginning of 2023 = end of 2022):
- Total Assets: 154,667,000,000 EUR
- Total Equity: 58,114,000,000 EUR
- Total Liabilities = 154,667,000,000 - 58,114,000,000 = 96,553,000,000 EUR

**Debt/Financial Liabilities:**

For 2022 (end of 2021):
- Noncurrent Financial Liabilities: 37,175,000,000 EUR
- Current Financial Liabilities: 21,297,000,000 EUR
- Total Financial Liabilities = 58,472,000,000 EUR

For 2023 (end of 2022):
- Noncurrent Financial Liabilities: 44,216,000,000 EUR
- Current Financial Liabilities: 25,079,000,000 EUR
- Total Financial Liabilities = 69,295,000,000 EUR

**Moody's Adjusted Leverage Considerations:**

Moody's typically adjusts leverage by:
1. Adding pension liabilities/underfunded pensions
2. Adding operating lease liabilities (already on balance sheet under IFRS 16)
3. Treating hybrid securities partially as equity
4. Adjusting for cash and investments

Let me look at key components:

**Pension/Employee Benefits:**
- 2022: Noncurrent Provisions For Employee Benefits: 1,592,000,000 + Current: 27,000,000 = 1,619,000,000
- 2023: Noncurrent Provisions For Employee Benefits: 1,226,000,000 + Current: 42,000,000 = 1,268,000,000

**Lease Liabilities (already in financial liabilities):**
- 2022: Noncurrent Lease: 2,253,000,000 + Current Lease: 158,000,000 = 2,411,000,000
- 2023: Noncurrent Lease: 2,287,000,000 + Current Lease: 151,000,000 = 2,438,000,000

**Cash and Cash Equivalents:**
- 2022: 4,033,000,000 EUR
- 2023: 4,608,000,000 EUR

**Rough Debt/EBITDA Calculation:**

EBITDA (Beneficio Bruto De Explotacion Ebitda):
- 2022: 13,228,000,000 EUR
- 2021: 12,006,000,000 EUR

Adjusted Debt (rough approximation):
- 2022 (end of 2021): Total Financial Liabilities + Pension liabilities - Cash = 58,472 + 1,619 - 4,033 = 56,058 million EUR
- 2023 (end of 2022): 69,295 + 1,268 - 4,608 = 65,955 million EUR

Debt/EBITDA:
- 2022 (using 2021 EBITDA): 56,058 / 12,006 = 4.67x
- 2023 (using 2022 EBITDA): 65,955 / 13,228 = 4.99x

Alternatively, using average debt:
- 2022 average debt: ~56,058
- 2023 average debt: ~65,955

The ratio has increased from approximately 4.7x to 5.0x.

**Equity/Total Assets (another leverage measure):**
- 2022: 56,126 / 141,752 = 39.6%
- 2023: 58,114 / 154,667 = 37.6%

Equity ratio has decreased, indicating higher leverage.

**Total Liabilities/Total Assets:**
- 2022: 85,626 / 141,752 = 60.4%
- 2023: 96,553 / 154,667 = 62.4%

**Key observations:**
1. Total financial liabilities increased from 58.5bn to 69.3bn (+18.5%)
2. Total assets increased from 141.8bn to 154.7bn (+9.1%)
3. Equity increased from 56.1bn to 58.1bn (+3.6%)
4. EBITDA increased from 12.0bn to 13.2bn (+10.2%)

However, debt grew faster than EBITDA and much faster than equity. The debt/EBITDA ratio worsened from ~4.7x to ~5.0x.

The increase in debt is substantial, driven by:
- Significant increase in Noncurrent Financial Liabilities (+19%)
- Increase in Current Financial Liabilities (+18%)
- Large increase in derivative financial assets/liabilities suggesting more financial activity

Despite some EBITDA growth, the leverage metrics show deterioration due to faster debt growth.

<answer>Deteriorating</answer>