To assess the Moody’s adjusted leverage trend for Bouygues in 2022, we examine the evolution of Net Debt and the scale of the business.

1.  **Net Debt:** According to the provided data, Net Debt increased significantly from 941,000,000 EUR at the start of 2022 to 7,440,000,000 EUR at the end of 2022. This represents a substantial increase in absolute debt levels.
2.  **Operational Performance (Scale):** While Revenue from contracts with customers grew from 37,589,000,000 EUR in 2021 to 44,322,000,000 EUR in 2022, this growth (approximately 18%) does not match the magnitude of the increase in Net Debt (which grew by nearly 700%).
3.  **Context:** The massive increase in net debt is largely driven by cash outflows related to acquiring control of subsidiaries (6,269,000,000 EUR in 2022 versus 382,000,000 EUR in 2021). Moody’s adjusted leverage typically accounts for debt-funded acquisitions. Because the growth in debt significantly outpaced the growth in earnings/operating cash flow, the financial leverage metric (Debt/EBITDA) would have increased substantially.

Since the leverage ratio increased significantly due to the debt-financed acquisition, the credit trend is characterized as deteriorating.

<answer>Deteriorating</answer>