I need to estimate Moody's adjusted leverage trend for 2022 (the fiscal year ending 2023-01-01 compared to the prior year ending 2022-01-01).

Moody's adjusted leverage is typically measured as Adjusted Debt / Adjusted EBITDA (or similar metrics like FFO). Let me work through the key components.

**Debt Analysis:**

Total debt includes long-term borrowings, short-term borrowings, lease liabilities, and potentially hybrid capital treatment.

End of 2022 (2023-01-01):
- Long-term borrowings: 19,006M
- Short-term borrowings: 709M
- Current bank overdrafts: 0M
- Noncurrent lease liabilities: 574M
- Current lease liabilities: 155M
- Total: ~20,444M (excluding hybrid capital)

End of 2021 (2022-01-01):
- Long-term borrowings: 12,366M
- Short-term borrowings: 1,339M
- Current bank overdrafts: 64M
- Noncurrent lease liabilities: 235M
- Current lease liabilities: 169M
- Total: ~14,173M (excluding hybrid capital)

Moody's typically treats hybrid capital as 50% debt/50% equity. Hybrid capital = 2,125M both years, so add ~1,063M to debt each year.

Adjusted Debt:
- 2022: ~21,507M
- 2021: ~15,236M

Debt increased by approximately 41%.

**EBITDA/Earnings Analysis:**

Operating profit (EBIT):
- 2022: -976M
- 2021: -275M

Adding back D&A:
- 2022 EBITDA proxy: -976 + 1,233 = 257M
- 2021 EBITDA proxy: -275 + 1,165 = 890M

However, this is a regulated utility with significant regulatory timing differences. The "Other Adjustments For Noncash Items" line in cash flow (1,347M for 2022, 1,101M for 2021) likely captures regulatory deferrals.

Moody's would look at FFO or adjusted EBITDA. Let me estimate using cash flow from operations:

Cash from operations (excluding EEG working capital):
- 2022: 596M
- 2021: -1,260M (but this was affected by working capital)

Even adjusting, the EBITDA figure is declining significantly (257M vs 890M), while debt has increased dramatically.

**Leverage Ratio:**
- 2022: ~21,507M / 257M = extremely high (or adjusted measures)
- 2021: ~15,236M / 890M = ~17x

Even with Moody's adjustments for regulated utilities (adding back regulatory deferrals), the trend is clearly deteriorating:
1. Debt increased by ~41% (from ~15.2B to ~21.5B)
2. Operating losses deepened significantly (-976M vs -275M)
3. EBITDA declined sharply
4. Net loss nearly tripled (-879M vs -340M)
5. Long-term borrowings increased by over 6.6B

The massive increase in debt combined with deteriorating operating performance clearly indicates worsening leverage.

<answer>Deteriorating</answer>