To estimate Moody’s adjusted leverage trend for Enel SpA in 2022, we must analyze the change in the ratio of Adjusted Debt to Adjusted EBITDA (or a similar earnings metric) between the end of 2021 and the end of 2022. Moody's adjusted leverage typically uses Net Debt (Total Debt minus Cash) or Gross Debt divided by an earnings figure like EBITDA or Funds From Operations (FFO).

**Step 1: Calculate Net Debt for 2021 and 2022**

*   **2021 (Year ended 2022-01-01):**
    *   Total Debt = Long-term Borrowings + Short-term Borrowings + Current Portion of Long-term Borrowings
    *   Total Debt (2021) = 54,500 + 13,306 + 4,031 = 71,837 million EUR
    *   Cash and Cash Equivalents (2021) = 8,858 million EUR (from Balance Sheet date 2022-01-01, which represents the end of the 2021 fiscal year)
    *   Net Debt (2021) = 71,837 - 8,858 = 62,979 million EUR

*   **2022 (Year ended 2023-01-01):**
    *   Total Debt = Long-term Borrowings + Short-term Borrowings + Current Portion of Long-term Borrowings
    *   Total Debt (2022) = 68,191 + 18,392 + 2,835 = 89,418 million EUR
    *   Cash and Cash Equivalents (2022) = 11,041 million EUR (from Balance Sheet date 2023-01-01, which represents the end of the 2022 fiscal year)
    *   Net Debt (2022) = 89,418 - 11,041 = 78,377 million EUR

*   **Change in Net Debt:** Increased from 62,979 million EUR to 78,377 million EUR. This is a significant increase in indebtedness.

**Step 2: Calculate Earnings Metric (EBITDA approximation)**

Moody's often uses EBITDA or FFO. Let's approximate EBITDA using Operating Profit + Depreciation/Amortization.

*   **2021:**
    *   Profit Loss From Operating Activities (EBIT): 7,551 million EUR
    *   Depreciation Amortisation...: 8,507 million EUR
    *   Approximate EBITDA (2021) = 7,551 + 8,507 = 16,058 million EUR

*   **2022:**
    *   Profit Loss From Operating Activities (EBIT): 11,193 million EUR
    *   Depreciation Amortisation...: 7,447 million EUR
    *   Approximate EBITDA (2022) = 11,193 + 7,447 = 18,640 million EUR

*   **Change in EBITDA:** Increased from 16,058 million EUR to 18,640 million EUR.

**Step 3: Calculate Leverage Ratio Trend**

*   **Leverage 2021:** Net Debt / EBITDA = 62,979 / 16,058 ≈ 3.92x
*   **Leverage 2022:** Net Debt / EBITDA = 78,377 / 18,640 ≈ 4.20x

The leverage ratio has increased from approximately 3.92x to 4.20x. An increase in the leverage ratio indicates that the company's debt burden has grown faster than its earnings capacity. In credit rating terminology, an increasing leverage ratio is considered a negative credit trend, meaning the leverage position is **deteriorating**.

Additionally, looking at Gross Debt:
*   Gross Debt 2021: 71,837 million
*   Gross Debt 2022: 89,418 million
*   The absolute debt load increased substantially (~24%), while EBITDA increased by ~16%. The denominator did not grow fast enough to offset the numerator's growth.

Therefore, the leverage trend is deteriorating.

<answer>Deteriorating</answer>