I need to estimate Moody's adjusted leverage trend for ENEL in 2022. Moody's adjusted leverage is typically measured as Adjusted Debt / Adjusted EBITDA.

Let me work through the key components:

**Debt Analysis:**
- Long-term borrowings 2023-01-01: €68,191M vs 2022-01-01: €54,500M (increase of ~€13.7B)
- Short-term borrowings 2023-01-01: €18,392M vs 2022-01-01: €13,306M (increase of ~€5.1B)
- Current portion of long-term borrowings 2023-01-01: €2,835M vs 2022-01-01: €4,031M (decrease of ~€1.2B)
- Total reported debt end 2022: ~€89,418M vs end 2021: ~€71,837M

Moody's would also add operating leases (part of PP&E under IFRS 16), pension obligations, and hybrid bond adjustments. Hybrid bonds (€5,567M) would typically get 50% equity/50% debt treatment by Moody's, adding ~€2,784M to debt.

Approximate Moody's adjusted debt:
- End 2022: ~€89,418M + pension adjustments (~€2,202M) + hybrid adjustment (~€2,784M) ≈ ~€94,404M
- End 2021: ~€71,837M + pension (~€2,724M) + hybrid (~€2,784M) ≈ ~€77,345M

Debt increased significantly (~22%).

**EBITDA Analysis:**
- Operating profit 2022: €11,193M vs 2021: €7,551M
- Add back D&A: 2022: €7,447M vs 2021: €8,507M
- EBITDA 2022: ~€18,640M vs 2021: ~€16,058M

Moody's adjusts EBITDA for operating leases, pensions, etc., but the trend should be similar.

EBITDA increased by ~16%.

**Leverage Calculation:**
- Approximate leverage end 2022: ~€94,404M / €18,640M ≈ 5.1x
- Approximate leverage end 2021: ~€77,345M / €16,058M ≈ 4.8x

However, I should also consider:
- The massive increase in debt (~€17.6B in gross reported debt)
- Discontinued operations loss of -€2,298M in 2022
- Net income dropped from €3,857M to €2,920M
- Cash flow from operations decreased from €9,915M to €8,674M
- CapEx increased (investing outflows went from -€10,875M to -€13,626M)
- Free cash flow deteriorated significantly

The debt increase significantly outpaced EBITDA growth. Leverage moved from approximately 4.8x to 5.1x, and cash flow metrics weakened with lower operating cash flows and higher capital expenditures. The overall financial profile shows increasing leverage.

<answer>Deteriorating</answer>