To determine S&P's adjusted leverage trend for 2022, we calculate the Net Debt to EBITDA ratio for the years 2021 and 2022. 

**For FY 2021 (ended January 1, 2022):**
1. **Net Debt:** 
   * Long-term Borrowings: €12,366,000,000
   * Short-term Borrowings: €1,339,000,000
   * Non-current Lease Liabilities: €235,000,000
   * Current Lease Liabilities: €169,000,000
   * *Total Debt* = €14,109,000,000
   * Less: Cash and Cash Equivalents = €3,204,000,000
   * *Net Debt (2021)* = €10,905,000,000

2. **EBITDA:**
   * Profit/Loss from Operating Activities (EBIT): -€275,000,000
   * Depreciation and Amortisation Expense: €1,165,000,000
   * *EBITDA (2021)* = €890,000,000

3. **Net Debt / EBITDA (2021)** = 10,905 / 890 ≈ **12.25x**

**For FY 2022 (ended January 1, 2023):**
1. **Net Debt:**
   * Long-term Borrowings: €19,006,000,000
   * Short-term Borrowings: €709,000,000
   * Non-current Lease Liabilities: €574,000,000
   * Current Lease Liabilities: €155,000,000
   * *Total Debt* = €20,444,000,000
   * Less: Cash and Cash Equivalents = €6,547,000,000
   * *Net Debt (2022)* = €13,897,000,000

2. **EBITDA:**
   * Profit/Loss from Operating Activities (EBIT): -€976,000,000
   * Depreciation and Amortisation Expense: €1,233,000,000
   * *EBITDA (2022)* = €257,000,000

3. **Net Debt / EBITDA (2022)** = 13,897 / 257 ≈ **54.07x**

**Conclusion:**
The year-over-year gap in the Net Debt / EBITDA ratio is 54.07x - 12.25x = +41.82x. Because the gap is significantly higher than +0.3x, the leverage ratio has sharply worsened.

<answer>Deteriorating</answer>