To determine the credit trend for Ferrovial S.A., we analyze the provided data following S&P's methodology for Transportation Infrastructure.

### 1. Identify Industry
Ferrovial S.A. is a multinational infrastructure operator (toll roads, airports, construction). Based on the provided definitions, it falls under **Transportation Infrastructure**.

### 2-6. 2021 Calculations (based on 2021-01-01 to 2022-01-01 figures)
*   **EBITDA (reported):** Profit from operations (340M) + Depreciation/Amortization (270M) = 610M.
*   **Adjusted_EBITDA:** 610M (No specific adjustments for leases provided in this simplified dataset).
*   **FFO:** 610M (Adjusted_EBITDA) - Cash Interest (295M) - Cash Taxes (155M) = 160M.
*   **Adjusted_Debt:** Total Borrowings (Noncurrent: 9513M + Current: 1096M) = 10,609M. Less Eligible Cash (Cash/Cash Equiv: 6526M) = 4,083M.
*   **Adjusted_Debt / Adjusted_EBITDA (2021):** 4,083 / 610 ≈ **6.69x**
*   **FFO / Adjusted_Debt (2021):** 160 / 4,083 ≈ **0.039**

### 7-11. 2022 Calculations (based on 2022-01-01 to 2023-01-01 figures)
*   **EBITDA (reported):** Profit from operations (429M) + Depreciation/Amortization (299M) = 728M.
*   **Adjusted_EBITDA:** 728M.
*   **FFO:** 728M (Adjusted_EBITDA) - Cash Interest (329M) - Cash Taxes (82M) = 317M.
*   **Adjusted_Debt:** Total Borrowings (Noncurrent: 10776M + Current: 877M) = 11,653M. Less Eligible Cash (Cash/Cash Equiv: 5130M) = 6,523M.
*   **Adjusted_Debt / Adjusted_EBITDA (2022):** 6,523 / 728 ≈ **8.96x**
*   **FFO / Adjusted_Debt (2022):** 317 / 6,523 ≈ **0.0486**

### 12. Classification of Trend
*   **Signal 1 (Leverage):** Ratio(2022) - Ratio(2021) = 8.96x - 6.69x = **+2.27x**
    *   Since +2.27x > +0.2x, this signal is **Deteriorating**.
*   **Signal 2 (Cash-flow coverage):** 0.0486 - 0.039 = **+0.0096**
    *   Since +0.0096 is within the range (-0.03 to +0.03), this signal is **Stable**.

**Reasoning:** Leverage has increased significantly due to higher debt levels relative to cash, while cash-flow coverage (FFO/Debt) has remained relatively stable (slightly improved, but below the threshold for an "Improving" classification). Given the substantial deterioration in the leverage metric (exceeding the deterioration threshold by a wide margin), the overall credit trend is deteriorating.

<answer>Deteriorating</answer>