To assess Moody’s adjusted leverage trend, I focus on debt and equity movements as well as cash flow generation, because adjusted leverage typically compares debt-like items to a measure of earnings or cash flow.

Key observations for 2022 versus 2021:

1. **Profitability and cash flow**  
   - Revenue rose sharply (€143.5B vs. €84.5B).  
   - However, operating profit before depreciation (EBITDA) fell from €18.0B to –€5.0B.  
   - Operating cash flow turned negative (–€7.4B vs. +€12.6B).  
   - Net loss was –€18.2B vs. profit of €4.8B.

2. **Debt and financial liabilities**  
   - Borrowings increased significantly: proceeds from new borrowings €34.2B vs. €6.9B in prior year.  
   - Total other non‑current financial liabilities rose from €56.5B to €71.1B.  
   - Current financial liabilities rose from €45.0B to €71.8B.

3. **Equity**  
   - Equity attributable to owners of parent fell from €50.2B to €34.3B, mainly due to the large loss and negative other comprehensive income.  
   - Total equity decreased from €62.0B to €46.6B.

4. **Implications for leverage**  
   - Higher debt + lower equity + negative EBITDA and cash flow means debt/EBITDA and debt/equity ratios will deteriorate sharply.

Given these dynamics, Moody’s adjusted leverage is clearly worsening.

<answer>Deteriorating</answer>