To gauge the trend in Moody’s adjusted leverage for 2022 we need to compare the company’s adjusted debt to its EBITDA for 2022 versus 2021.

**1. Adjusted debt**  
Moody’s adjusted debt includes all financial liabilities (debt, lease obligations, hybrid securities, derivatives) and provisions, net of cash and short‑term liquid assets.

*Financial liabilities (incl. leases, hybrids, derivatives, provisions)*  

| Item (2022‑01‑01) | Amount (€ B) |
|-------------------|-------------|
| Financial debt (short‑ and long‑term bonds/loans) | 46.6 |
| Hybrid capital instruments | 0.66 |
| Lease liabilities (right‑of‑use) | 2.44 |
| Derivative financial liabilities | 7.09 |
| Other financial liabilities | 6.59 |
| Finance‑type assets ceded to third parties | 5.67 |
| Provisions (current & non‑current) | 7.30 |
| **Total financial liabilities** | **76.3** |

*Cash & liquid assets to net out*  

| Item (2022‑01‑01) | Amount (€ B) |
|-------------------|-------------|
| Cash & cash equivalents | 4.61 |
| Current financial assets (incl. other short‑term investments) | 9.63 |
| **Total cash & short‑term assets** | **14.24** |

**Adjusted debt (2022)** = 76.3 – 14.2 ≈ **62.1 B**  

For 2021 the same calculation gives:

- Total financial liabilities ≈ 66.4 B  
- Cash & short‑term assets ≈ 12.8 B  

**Adjusted debt (2021)** ≈ 53.7 B  

**2. EBITDA**  

- 2022 EBITDA = 13.23 B  
- 2021 EBITDA = 12.01 B  

**3. Leverage ratios**  

- 2022 leverage = 62.1 B / 13.23 B ≈ **4.70×**  
- 2021 leverage = 53.7 B / 12.01 B ≈ **4.47×**  

The ratio rose from 4.47× to 4.70×, indicating that adjusted debt grew faster than earnings.

**4. Trend assessment**  

An increase in the adjusted debt‑to‑EBITDA ratio points to a **deteriorating** leverage profile.

<answer>Deteriorating</answer>