To estimate S&P's adjusted leverage trend for 2022, we calculate the Net Debt to EBITDA ratio for the fiscal years 2021 and 2022 using the given financial data.

**1. Calculate Net Debt:**
Net Debt is generally calculated as Total Debt (including lease liabilities) minus Cash and Cash Equivalents.

*For FY 2021 (Ending 2022-01-01):*
- Noncurrent Portion Of Other Noncurrent Borrowings: 9,513 million EUR
- Current Borrowings And Current Portion Of Noncurrent Borrowings: 1,096 million EUR
- Noncurrent Lease Liabilities: 115 million EUR
- Current Lease Liabilities: 58 million EUR
*Total Debt (2021)* = 9,513 + 1,096 + 115 + 58 = 10,782 million EUR
- Cash and Cash Equivalents: 5,536 million EUR
*Net Debt (2021)* = 10,782 - 5,536 = 5,246 million EUR

*For FY 2022 (Ending 2023-01-01):*
- Noncurrent Portion Of Other Noncurrent Borrowings: 10,776 million EUR
- Current Borrowings And Current Portion Of Noncurrent Borrowings: 877 million EUR
- Noncurrent Lease Liabilities: 120 million EUR
- Current Lease Liabilities: 64 million EUR
*Total Debt (2022)* = 10,776 + 877 + 120 + 64 = 11,837 million EUR
- Cash and Cash Equivalents: 5,130 million EUR
*Net Debt (2022)* = 11,837 - 5,130 = 6,707 million EUR

**2. Calculate EBITDA:**
EBITDA can be derived from Gross Profit or by adding Amortisation Expense to the Profit from Operations before Impairment.

*For FY 2021:*
- Profit From Operations Before Impairment: 340 million EUR
- Amortisation Expense: 270 million EUR
*EBITDA (2021)* = 340 + 270 = 610 million EUR

*For FY 2022:*
- Profit From Operations Before Impairment: 429 million EUR
- Amortisation Expense: 299 million EUR
*EBITDA (2022)* = 429 + 299 = 728 million EUR

*(Note: Including dividends received from associates, typical in infrastructure holding companies, would similarly raise EBITDA to 882 million EUR and 1,012 million EUR respectively, without altering the directional trend).*

**3. Calculate Net Debt / EBITDA Ratio:**
- Ratio (2021) = 5,246 / 610 ≈ 8.60x
- Ratio (2022) = 6,707 / 728 ≈ 9.21x

**4. Gap Calculation:**
- Gap = Ratio (2022) - Ratio (2021) = 9.21x - 8.60x = +0.61x

Because the year-on-year gap of +0.61x represents an increase higher than the stable threshold of 0.3x, the leverage ratio has definitively increased, meaning the financial position with regard to debt load has weakened. 

<answer>Deteriorating</answer>