To estimate the S&P adjusted leverage trend, we calculate the Net Debt / EBITDA ratio for the two periods provided (2021-2022 and 2022-2023).

**1. Definitions and Data points:**
*   **Net Debt** = (Noncurrent Financial Liabilities + Current Financial Liabilities) - (Cash And Cash Equivalents)
*   **EBITDA** = Beneficio Bruto De Explotacion Ebitda

**2. Calculations for 2021 (data as of 2022-01-01):**
*   Noncurrent Financial Liabilities: 37,175,000,000 EUR
*   Current Financial Liabilities: 21,297,000,000 EUR
*   Cash And Cash Equivalents: 4,033,000,000 EUR
*   Net Debt (2021) = 37,175,000,000 + 21,297,000,000 - 4,033,000,000 = 54,439,000,000 EUR
*   EBITDA (2021) = 12,006,000,000 EUR
*   Ratio (2021) = 54,439,000,000 / 12,006,000,000 ≈ 4.534x

**3. Calculations for 2022 (data as of 2023-01-01):**
*   Noncurrent Financial Liabilities: 44,216,000,000 EUR
*   Current Financial Liabilities: 25,079,000,000 EUR
*   Cash And Cash Equivalents: 4,608,000,000 EUR
*   Net Debt (2022) = 44,216,000,000 + 25,079,000,000 - 4,608,000,000 = 64,687,000,000 EUR
*   EBITDA (2022) = 13,228,000,000 EUR
*   Ratio (2022) = 64,687,000,000 / 13,228,000,000 ≈ 4.890x

**4. Trend Analysis:**
*   Gap = 4.890 - 4.534 = +0.356x
*   Since the gap is +0.356x, it is greater than 0.3x (the threshold for Stable). 
*   Therefore, the leverage ratio has increased beyond the stability threshold, indicating a deteriorating trend.

<answer>Deteriorating</answer>