To gauge Moody’s adjusted leverage for Ferrovial in 2022 we focus on the change in adjusted debt relative to EBITDA.  
Adjusted debt is taken as financial debt (borrowings) plus lease liabilities and other financial liabilities, which rose from about €10.9 bn in 2021 to €12.7 bn in 2022.  
EBITDA, estimated as operating profit plus depreciation/amortisation, increased from €610 mn to €728 mn.  
While the gross debt‑to‑EBITDA ratio fell modestly (≈17.8 → 17.4), the more relevant net metric—adjusted net debt (gross adjusted debt minus free cash)‑to‑EBITDA—rose noticeably (≈9.1 → 10.6).  
The rise in net leverage, driven by a larger debt load and a reduction in cash, signals a worsening of the company’s leverage position.  

<answer>Deteriorating</answer>