I need to analyze Ørsted A/S's leverage trend for 2022 based on the financial data provided. Moody's adjusted leverage typically focuses on debt/EBITDA or similar metrics, considering both on-balance sheet debt and off-balance sheet obligations.

Let me extract key data points for 2021 and 2022:

**2022 (period 2022-01-01 to 2023-01-01):**
- Total Assets: 314,142,000,000 DKK
- Total Equity: 95,532,000,000 DKK
- Total Liabilities: 218,610,000,000 DKK
- Profit Loss (Net Income): 14,996,000,000 DKK
- EBITDA (Profit Loss From Operating Activities Before Interest Taxes Depreciation And Amortisation Expense): 32,057,000,000 DKK
- Profit Loss From Operating Activities (EBIT): 19,774,000,000 DKK

**2021 (period 2021-01-01 to 2022-01-01):**
- Total Assets: 270,385,000,000 DKK
- Total Equity: 85,137,000,000 DKK
- Total Liabilities: 184,756,000,000 DKK
- Profit Loss (Net Income): 10,887,000,000 DKK
- EBITDA: 24,296,000,000 DKK
- EBIT: 16,195,000,000 DKK

**Key Leverage Metrics:**

1. **Debt-to-Equity Ratio:**
   - 2022: 218,610 / 95,532 = 2.29x
   - 2021: 184,756 / 85,137 = 2.17x

2. **Debt-to-Assets:**
   - 2022: 218,610 / 314,142 = 69.6%
   - 2021: 184,756 / 270,385 = 68.3%

3. **Debt/EBITDA (common leverage metric):**
   - 2022: 218,610 / 32,057 = 6.8x
   - 2021: 184,756 / 24,296 = 7.6x

Wait - let me reconsider. Total liabilities includes operational liabilities. For credit analysis, we should focus on interest-bearing debt.

Looking at borrowings:
- Longterm Borrowings: 2022: 60,451M; 2021: 31,502M
- Shortterm Borrowings: 2022: 2,830M; 2021: 19,493M
- Total Borrowings: 2022: 63,281M; 2021: 50,995M

Also consider:
- Lease liabilities (noncurrent): 2022: 7,697M; 2021: 6,812M
- Lease liabilities (current): 2022: 569M; 2021: 720M
- Total Lease liabilities: 2022: 8,266M; 2021: 7,532M

**Interest-bearing Debt/EBITDA:**
- 2022: (63,281 + 8,266) / 32,057 = 71,547 / 32,057 = 2.23x
- 2021: (50,995 + 7,532) / 24,296 = 58,527 / 24,296 = 2.41x

This shows improvement in gross leverage.

However, let me also look at the broader picture:

**Total Liabilities growth:** 218,610 / 184,756 = 18.3% increase
**Equity growth:** 95,532 / 85,137 = 12.2% increase
**Asset growth:** 314,142 / 270,385 = 16.2% increase

**EBITDA growth:** 32,057 / 24,296 = 31.9% increase
**EBIT growth:** 19,774 / 16,195 = 22.1% increase

The EBITDA growth (31.9%) outpaces liability growth (18.3%), suggesting deleveraging on an operating performance basis.

But looking more carefully at the balance sheet structure:
- Noncurrent liabilities increased dramatically: 143,742 / 97,788 = 47.0% increase
- This is driven by:
  - Longterm Borrowings: 60,451 / 31,502 = 91.9% increase
  - Noncurrent Derivative Financial Liabilities: 24,121 / 17,464 = 38.1% increase
  - Noncurrent Provisions: 19,121 / 15,124 = 26.4% increase

The massive increase in long-term borrowings is concerning, even if EBITDA improved.

However, looking at net debt position and cash flows:
- Cash increased from 8,624M to 16,178M (87.5% increase)
- Operating cash flow: 11,924M (2022) vs 12,148M (2021) - slightly down
- Investing activities: -17,912M (2022) vs -12,591M (2021) - more capex
- Financing activities: +13,785M (2022) vs +3,392M (2021) - more borrowing

The company is borrowing more to fund expansion. The debt/EBITDA ratio improved slightly from 2.41x to 2.23x on an adjusted basis, but this is largely due to EBITDA expansion rather than debt reduction.

For Moody's specifically, they also consider:
- Cash flow from operations coverage
- Capital intensity and future funding needs
- Off-balance sheet items and contingent liabilities

Given the significant increase in absolute debt levels (long-term borrowings up 92%), the increased capital intensity, and the fact that much of the "improvement" comes from one-time or market-driven EBITDA expansion (likely energy prices), the underlying leverage trend is likely **deteriorating** from a credit risk perspective.

The construction in progress decreased from 57,108M to 48,931M, suggesting some projects completed, but production assets increased from 95,618M to 119,211M, showing continued capital deployment.

Also notable: The company has significant derivative exposures (both assets and liabilities) which add complexity and potential volatility.

Given the substantial increase in gross debt, the increased financial risk profile, and the likely unsustainable EBITDA levels (given energy market volatility), Moody's would likely view the leverage trend as deteriorating despite the lower debt/EBITDA ratio.

<answer>Deteriorating</answer>