To estimate the credit trend for Bouygues, we follow the prescribed workflow based on the provided financial data.

### 1. Industry Identification
Bouygues is a diversified group (construction, media, telecommunications, etc.). As no specific industry-wide methodology fits exactly, we apply general corporate baseline formulas.

### 2 & 7. Adjusted EBITDA (EBITDA = Operating Income + Depreciation & Amortization)
*Note: Depreciation & Amortization = D&A Expense + D&A Right-of-Use Assets.*
*   **2021:**
    *   Operating Income: 1,733M EUR
    *   D&A: 2,065M + 353M = 2,418M EUR
    *   Adjusted_EBITDA (2021) = 1,733 + 2,418 = **4,151M EUR**
*   **2022:**
    *   Operating Income: 1,872M EUR
    *   D&A: 2,228M + 446M = 2,674M EUR
    *   Adjusted_EBITDA (2022) = 1,872 + 2,674 = **4,546M EUR**

### 3 & 8. FFO (FFO = Adj_EBITDA - Cash Interest - Cash Taxes)
*   **2021:**
    *   Cash Interest (Cost of Net Debt + Interest on Lease): 155M + 52M = 207M
    *   Cash Taxes (Provided): 397M
    *   FFO (2021) = 4,151 - 207 - 397 = **3,547M EUR**
*   **2022:**
    *   Cash Interest: 198M + 62M = 260M
    *   Cash Taxes (Provided): 518M
    *   FFO (2022) = 4,546 - 260 - 518 = **3,768M EUR**

### 4 & 9. Adjusted Debt
*Note: Adjusted Debt = Net Debt + Lease Liabilities (Noncurrent + Current).*
*   **2021:**
    *   Net Debt (2022-01-01): 941M
    *   Leases (Noncurrent + Current): 1,473M + 362M = 1,835M
    *   Adjusted_Debt (2021) = 941 + 1,835 = **2,776M EUR**
*   **2022:**
    *   Net Debt (2023-01-01): 7,440M
    *   Leases (Noncurrent + Current): 2,107M + 498M = 2,605M
    *   Adjusted_Debt (2022) = 7,440 + 2,605 = **10,045M EUR**

### 5 & 10. Adjusted Debt / Adjusted EBITDA
*   2021 Ratio: 2,776 / 4,151 = **0.67x**
*   2022 Ratio: 10,045 / 4,546 = **2.21x**
*   **Change:** +1.54x (Deteriorating)

### 6 & 11. FFO / Adjusted Debt
*   2021 Ratio: 3,547 / 2,776 = **1.278**
*   2022 Ratio: 3,768 / 10,045 = **0.375**
*   **Change:** -0.903 (Deteriorating)

### 12. Classification
*   Signal 1 (Leverage): +1.54x (Threshold ≥ +0.2x, Deteriorating)
*   Signal 2 (Coverage): -0.903 (Threshold ≤ -0.03, Deteriorating)

Both signals indicate a significant deterioration in credit metrics, largely driven by the substantial increase in net debt during 2022.

<answer>Deteriorating</answer>