To estimate the S&P adjusted leverage trend for 2022, we must calculate the ratio of Net Debt to EBITDA for 2021 (based on the 2022 report data provided) and 2022 (based on the 2023 report data provided).

**1. Calculate Net Debt:**
Net Debt = (Noncurrent Loans Received + Current Loans Received and Current Portion of Noncurrent Loans Received + Debt Instruments/Payables) - Cash and Cash Equivalents.
*Note: We focus on Financial Liabilities (Loans and Debt Instruments).*

*   **For 2022 (2021-01-01 / 2022-01-01 period data):**
    *   Noncurrent Loans: 2,073,000,000
    *   Current Loans: 280,000,000
    *   Debt Instruments (Current & Noncurrent): 2,364,000,000 + 1,666,000,000 = 4,030,000,000
    *   Total Debt: 6,383,000,000
    *   Cash: 2,318,000,000
    *   **Net Debt 2022:** 4,065,000,000

*   **For 2023 (2022-01-01 / 2023-01-01 period data):**
    *   Noncurrent Loans: 2,624,000,000
    *   Current Loans: 553,000,000
    *   Debt Instruments: 3,101,000,000 + 1,139,000,000 = 4,240,000,000
    *   Total Debt: 7,417,000,000
    *   Cash: 2,360,000,000
    *   **Net Debt 2023:** 5,057,000,000

**2. Calculate EBITDA:**
EBITDA = Profit/Loss from Operating Activities + Dotacion Amortizacion Y Variacion De Provisiones (Depreciation/Amortization).

*   **For 2022 (2021 data):**
    *   Operating Profit: 829,000,000
    *   D&A: 714,000,000
    *   **EBITDA 2021:** 1,543,000,000
*   **For 2023 (2022 data):**
    *   Operating Profit: 1,334,000,000
    *   D&A: 762,000,000
    *   **EBITDA 2022:** 2,096,000,000

**3. Calculate Ratios:**
*   **Ratio 2021:** 4,065,000,000 / 1,543,000,000 ≈ 2.63x
*   **Ratio 2022:** 5,057,000,000 / 2,096,000,000 ≈ 2.41x

**4. Trend:**
Change = 2.41 - 2.63 = -0.22.
Since -0.22 is within the range of ± 0.3x, the trend is Stable.

<answer>Stable</answer>