To estimate Moody's adjusted leverage trend for Ferrovial SA in 2022, we need to analyze the change in the ratio of Adjusted Debt to Adjusted EBITDA (or a similar earnings metric like EBITDA or Operating Profit) between the end of 2021 (2022-01-01) and the end of 2022 (2023-01-01).

**1. Calculate Adjusted Debt (Approximation):**
Moody's typically adjusts reported debt by adding items like operating lease liabilities, pension deficits, and sometimes subtracting excess cash. For this estimation, we will use Total Interest-Bearing Debt as a proxy, noting that lease liabilities are explicitly reported.

*   **End of 2021 (2022-01-01):**
    *   Noncurrent Debt Securities and Bank Borrowings: 9,513 million EUR
    *   Current Debt Securities and Bank Borrowings: 1,096 million EUR
    *   Noncurrent Lease Liabilities: 115 million EUR
    *   Current Lease Liabilities: 58 million EUR
    *   *Total Reported Debt + Leases* ≈ 9,513 + 1,096 + 115 + 58 = **10,782 million EUR**

*   **End of 2022 (2023-01-01):**
    *   Noncurrent Debt Securities and Bank Borrowings: 10,776 million EUR
    *   Current Debt Securities and Bank Borrowings: 877 million EUR
    *   Noncurrent Lease Liabilities: 120 million EUR
    *   Current Lease Liabilities: 64 million EUR
    *   *Total Reported Debt + Leases* ≈ 10,776 + 877 + 120 + 64 = **11,837 million EUR**

*   **Change in Debt:** The debt burden increased by approximately 1,055 million EUR (from ~10.8bn to ~11.8bn). This is a significant increase in the numerator of the leverage ratio.

**2. Calculate Earnings Proxy (EBITDA or Operating Profit):**
We look at the operating performance for the years 2021 and 2022.

*   **Year 2021 (2021-01-01 to 2022-01-01):**
    *   Profit Loss From Operating Activities: 1,479 million EUR
    *   Amortisation Expense: 270 million EUR
    *   *Approximate EBITDA* ≈ 1,479 + 270 = **1,749 million EUR**
    *   *Note:* The 2021 operating profit includes a large one-time gain from disposals/fair value adjustments (1,139 million in "Impairment And Gains Or Losses..."). Excluding this, the core operating profit is much lower (~340 million). However, leverage ratios often use reported or slightly adjusted EBITDA. Even using the high reported number:

*   **Year 2022 (2022-01-01 to 2023-01-01):**
    *   Profit Loss From Operating Activities: 423 million EUR
    *   Amortisation Expense: 299 million EUR
    *   *Approximate EBITDA* ≈ 423 + 299 = **722 million EUR**
    *   *Note:* The 2022 operating profit dropped significantly compared to the reported 2021 figure because 2021 included massive one-off gains. Even if we look at "Profit From Operations Before Impairment And Disposals" (which is a better recurring metric):
        *   2021: 340 million EUR
        *   2022: 429 million EUR
        *   Adding back amortization:
            *   2021 Recurring EBITDA ≈ 340 + 270 = 610 million EUR
            *   2022 Recurring EBITDA ≈ 429 + 299 = 728 million EUR

**3. Analyze the Leverage Trend:**

*   **Scenario A (Using Reported Earnings including one-offs):**
    *   2021 Leverage ≈ 10,782 / 1,749 ≈ 6.2x
    *   2022 Leverage ≈ 11,837 / 722 ≈ 16.4x
    *   Trend: **Deteriorating** significantly.

*   **Scenario B (Using Recurring Operating Profit/EBITDA):**
    *   2021 Leverage ≈ 10,782 / 610 ≈ 17.7x
    *   2022 Leverage ≈ 11,837 / 728 ≈ 16.3x
    *   While the recurring earnings improved slightly, the debt increased by nearly 10%. More importantly, Moody's adjusted leverage often penalizes high debt levels relative to cash flow generation. The drop in *reported* operating profit is stark. Furthermore, looking at the "Profit Loss" (Net Income):
        *   2021 Net Income: 1,336 million EUR
        *   2022 Net Income: 302 million EUR
    *   The substantial decrease in overall profitability combined with an increase in total debt indicates a weakening credit profile. The company generated less cash/profit to service a larger debt load.

*   **Cash Flow Perspective:**
    *   Cash Flows From Operating Activities increased from 810 million (2021) to 1,002 million (2022). This is a positive sign.
    *   However, Free Cash Flow (Operating - Investing) for 2021: 810 - (-457 investing inflow? No, investing was positive 457 due to divestments) -> Net cash generation was high in 2021 due to divestments (1.6bn inflow).
    *   Free Cash Flow for 2022: 1,002 (Operating) - 732 (Investing Outflow) = 270 million.
    *   In 2021, the company had massive cash inflows from divestments (1.6bn) which helped pay down debt or fund operations, yet debt remained high. In 2022, without those divestment proceeds, the company had to borrow more (debt increased by 1bn) while generating much lower net income.

**Conclusion:**
The numerator (Debt) increased by ~10%. The denominator (Earnings/EBITDA) decreased significantly if looking at reported figures due to the absence of 2021's one-time gains, or increased only modestly on a recurring basis. The loss of the one-time gain exposure and the increase in absolute debt load generally leads to a higher leverage ratio or a perception of higher risk. Specifically, the reported leverage ratio worsened dramatically. Even on an adjusted basis, the increase in debt without a proportional surge in recurring cash flows (Operating CF rose ~24%, but Debt rose ~10%, and Net Income fell ~77%) suggests pressure. Given the massive drop in Net Income and Operating Profit year-over-year (driven by the prior year's exceptional items), and the rise in debt, the leverage profile is considered to be deteriorating or under pressure compared to the previous year's inflated earnings base. Most rating agencies would view the loss of the "buffer" provided by the 2021 gains and the rise in debt as a negative trend.

<answer>Deteriorating</answer>