To estimate Moody’s adjusted leverage trend for Iberdrola SA in 2022, we need to analyze the change in the ratio of Adjusted Debt to Adjusted EBITDA (or a similar proxy like Funds From Operations) between the end of 2021 and the end of 2022. Moody's leverage is typically calculated as (Total Debt + Adjustments) / (EBITDA + Adjustments). While we don't have the exact Moody's adjustments, we can use the reported financial data to derive a strong directional trend.

**Step 1: Calculate Reported Leverage Proxy (Net Debt / EBITDA)**

*   **For 2022 (Period ending 2023-01-01):**
    *   **EBITDA:** The report lists "Beneficio Bruto De Explotacion Ebitda" as **13,228 million EUR**.
    *   **Debt:** We sum Current and Noncurrent Financial Liabilities.
        *   Noncurrent Financial Liabilities: 44,216 million EUR
        *   Current Financial Liabilities: 25,079 million EUR
        *   Total Reported Financial Debt = 44,216 + 25,079 = **69,295 million EUR**.
    *   **Cash:** Cash and Cash Equivalents = **4,608 million EUR**.
    *   **Net Debt:** 69,295 - 4,608 = **64,687 million EUR**.
    *   **Leverage Ratio (Net Debt / EBITDA):** 64,687 / 13,228 ≈ **4.89x**.

*   **For 2021 (Period ending 2022-01-01):**
    *   **EBITDA:** The report lists "Beneficio Bruto De Explotacion Ebitda" as **12,006 million EUR**.
    *   **Debt:**
        *   Noncurrent Financial Liabilities: 37,175 million EUR
        *   Current Financial Liabilities: 21,297 million EUR
        *   Total Reported Financial Debt = 37,175 + 21,297 = **58,472 million EUR**.
    *   **Cash:** Cash and Cash Equivalents = **4,033 million EUR**.
    *   **Net Debt:** 58,472 - 4,033 = **54,439 million EUR**.
    *   **Leverage Ratio (Net Debt / EBITDA):** 54,439 / 12,006 ≈ **4.53x**.

**Step 2: Analyze the Trend**

*   The reported Net Debt/EBITDA ratio increased from **4.53x** in 2021 to **4.89x** in 2022.
*   An increase in the leverage ratio indicates that debt has grown faster than earnings (EBITDA).
*   Specifically, Net Debt increased by approximately 18.8% ((64,687 - 54,439) / 54,439), while EBITDA increased by approximately 10.2% ((13,228 - 12,006) / 12,006).
*   Since the numerator (Debt) grew significantly faster than the denominator (EBITDA), the leverage position has weakened.

**Step 3: Consider Moody's Adjustments**

Moody's typically adjusts debt to include items like operating lease liabilities (which are already included in IFRS 16 liabilities but sometimes treated differently in older metrics or specific adjustments) and pension deficits. It also adjusts EBITDA for non-recurring items.
*   **Lease Liabilities:** Increased from ~2.4 billion (2.26 + 0.16) to ~2.6 billion (2.37 + 0.15). This adds to debt pressure.
*   **Provisions:** Noncurrent provisions decreased, which might slightly offset debt growth, but the magnitude of financial debt growth is dominant.
*   **Equity:** Total Equity increased from 56,126 to 58,114 million EUR. However, leverage ratios focused on debt service capacity (Debt/EBITDA) are more sensitive to the debt/earnings dynamic calculated above.
*   The significant issuance of debt ("Emisiones Y Disposiciones De Deudas..." 14,826 million vs Repayments 10,272 million) resulted in a net debt increase that outpaced operational profit growth.

**Conclusion:**

The leverage ratio has increased from 2021 to 2022. In credit rating terminology, an increase in leverage is considered a "Deteriorating" trend because the company is more leveraged relative to its cash flow generation.

<answer>Deteriorating</answer>