To estimate the trend in Moody's adjusted leverage for Ferrovial SA for the year 2022, we evaluate the change in financial risk by comparing the end of 2021 (start of 2022) to the end of 2022 (start of 2023).

1. **Debt Levels**: The "Noncurrent Portion Of Other Noncurrent Borrowings" increased significantly from 9,513,000,000 EUR to 10,776,000,000 EUR. Additionally, "Noncurrent Liabilities" rose from 11,107,000,000 EUR to 13,142,000,000 EUR.
2. **Equity Levels**: While Equity increased from 5,829,000,000 EUR to 6,354,000,000 EUR, the growth in debt significantly outpaced the growth in equity and cash reserves.
3. **Cash Position**: "Cash And Cash Equivalents" decreased from 5,536,000,000 EUR to 5,130,000,000 EUR.
4. **Profitability and Coverage**: While operating profit remained positive, the substantial increase in total long-term debt and non-current liabilities, combined with a decline in cash reserves, indicates a higher reliance on leverage to fund operations and infrastructure projects. Moody's adjusted leverage typically considers total debt relative to EBITDA/capitalization; the increase in debt figures relative to the slower growth in equity and the reduction in cash suggest an increase in financial leverage.

Given the significant expansion in non-current borrowings and total non-current liabilities while cash and cash equivalents decreased, the leverage profile of the company has trended toward higher debt reliance.

<answer>Deteriorating</answer>