To determine the S&P's adjusted leverage trend for 2022, we calculate the Net Debt to EBITDA ratio for both 2021 and 2022 and find the year-over-year gap. 

**For 2021:**
1. **Gross Debt**: 
Short Term Financial Liabilities (591,188,000) + Other Current Financial Liabilities (290,000) + Long Term Financial Liabilities (5,785,707,000) + Other Noncurrent Financial Liabilities (6,283,000) = **6,383,468,000 EUR**
2. **Net Debt**: 
Gross Debt (6,383,468,000) - Cash and Cash Equivalents (1,391,763,000) = **4,991,705,000 EUR** *(Note: deducting other highly liquid financial assets results in approx. 4,986,585,000 EUR)*
3. **EBITDA**: 
Profit Loss from Operating Activities (583,231,000) + Depreciation, Amortisation, and Impairments (445,251,000) = **1,028,482,000 EUR**
4. **Net Debt / EBITDA (2021)**: 4,991,705,000 / 1,028,482,000 ≈ **4.85x**

**For 2022:**
1. **Gross Debt**: 
Short Term Financial Liabilities (142,437,000) + Other Current Financial Liabilities (290,000) + Long Term Financial Liabilities (6,402,913,000) + Other Noncurrent Financial Liabilities (34,000) = **6,545,674,000 EUR**
2. **Net Debt**: 
Gross Debt (6,545,674,000) - Cash and Cash Equivalents (451,946,000) = **6,093,728,000 EUR** *(Note: deducting other current financial assets leaves approx. 6,070,503,000 EUR)*
3. **EBITDA**: 
Profit Loss from Operating Activities (641,338,000) + Depreciation, Amortisation, and Impairments (479,186,000) = **1,120,524,000 EUR**
4. **Net Debt / EBITDA (2022)**: 6,093,728,000 / 1,120,524,000 ≈ **5.44x**

**Gap Calculation:**
Year-on-year gap = 5.44x - 4.85x = **+0.59x**

Since the gap of +0.59x is substantially higher than the threshold of +0.3x, the leverage ratio has significantly increased, meaning it has deteriorated.

<answer>Deteriorating</answer>