To estimate the credit trend for TenneT Holding B.V., we analyze the financial statements for 2021 and 2022. TenneT is a transmission system operator, falling under "Regulated Utilities."

### 1. Identify Industry
TenneT is a regulated utility (transmission system operator).

### 2-4. Financial Data Estimation (in million EUR)
**2021 Data (Year ended Dec 31, 2021 / Start of 2022):**
*   **EBITDA:** Operating Profit + Depreciation = -275 + 1165 = **890**
*   **Adjusted EBITDA:** 890 (no major non-recurring items noted) = **890**
*   **Cash Interest:** 202 (Finance costs)
*   **Cash Taxes:** 246 (from Income Taxes Paid)
*   **FFO:** 890 - 202 - 246 = **442**
*   **Adjusted Debt:**
    *   Short-term borrowings (1339) + Long-term borrowings (12366) + Other financial liabilities (281) + Lease liabilities (169+235) = 14390.
    *   Less Cash: 3140
    *   Adjusted Debt = 14390 - 3140 = **11250**

**2022 Data (Year ended Dec 31, 2022 / Start of 2023):**
*   **EBITDA:** Operating Profit + Depreciation = -976 + 1233 = **257**
*   **Adjusted EBITDA:** 257 = **257**
*   **Cash Interest:** 300 (Finance costs)
*   **Cash Taxes:** 231 (from Income Taxes Paid)
*   **FFO:** 257 - 300 - 231 = **-274**
*   **Adjusted Debt:**
    *   Short-term borrowings (709) + Long-term borrowings (19006) + Other financial liabilities (550+185) + Lease liabilities (155+574) = 21179.
    *   Less Cash: 6547
    *   Adjusted Debt = 21179 - 6547 = **14632**

### 5-6. 2021 Ratios
*   Debt/EBITDA: 11250 / 890 = **12.64x**
*   FFO/Debt: 442 / 11250 = **0.039**

### 10-11. 2022 Ratios
*   Debt/EBITDA: 14632 / 257 = **56.93x**
*   FFO/Debt: -274 / 14632 = **-0.019**

### 12. Classification
*   **Signal 1 (Leverage):** 56.93x - 12.64x = **+44.29x**. (Threshold ≥ +0.2x: **Deteriorating**)
*   **Signal 2 (Coverage):** -0.019 - 0.039 = **-0.058**. (Threshold ≤ -0.03: **Deteriorating**)

Both signals indicate a significant deterioration in credit metrics due to the sharp decline in operating profit and increased debt to fund capital investments.

<answer>Deteriorating</answer>