To estimate the credit trend for ENEL SPA between 2021 and 2022, we follow the S&P methodology for Regulated Utilities (the primary industry).

### Step 1: Identify Industry
Enel is a global integrated utility company. We use the **Regulated Utilities** methodology.

### Steps 2 & 7: Adjusted EBITDA
*Reported EBITDA = Operating Profit + Depreciation/Amortization + Impairment reversals.*
*   **2021:**
    *   Operating Profit: 7,551,000,000 EUR
    *   Depreciation/Amortization: 8,507,000,000 EUR
    *   **EBITDA (2021) = 16,058,000,000 EUR**
*   **2022:**
    *   Operating Profit: 11,193,000,000 EUR
    *   Depreciation/Amortization: 7,447,000,000 EUR
    *   **EBITDA (2022) = 18,640,000,000 EUR**

### Steps 3 & 8: FFO
*FFO = EBITDA - Cash Interest - Cash Taxes.*
*   **2021:**
    *   Finance Costs Paid (Operating): 4,277,000,000 EUR
    *   Income Taxes Paid: 1,846,000,000 EUR
    *   **FFO (2021) = 16,058,000,000 - 4,277,000,000 - 1,846,000,000 = 9,935,000,000 EUR**
*   **2022:**
    *   Finance Costs Paid (Operating): 5,016,000,000 EUR
    *   Income Taxes Paid: 1,934,000,000 EUR
    *   **FFO (2022) = 18,640,000,000 - 5,016,000,000 - 1,934,000,000 = 11,690,000,000 EUR**

### Steps 4 & 9: Adjusted Debt
*Debt = Long-term Borrowings + Current Portion of LT Borrowings + Short-term Borrowings - Cash.*
*   **2021:**
    *   LT Borrowings (54,500m) + Current Portion (4,031m) + Short-term (13,306m) - Cash (8,858m) = **63,079,000,000 EUR**
*   **2022:**
    *   LT Borrowings (68,191m) + Current Portion (2,835m) + Short-term (18,392m) - Cash (11,041m) = **78,377,000,000 EUR**

### Steps 5 & 10: Leverage (Debt/EBITDA)
*   **2021:** 63,079 / 16,058 = **3.93x**
*   **2022:** 78,377 / 18,640 = **4.20x**
*   **Change:** +0.27x (Deteriorating)

### Steps 6 & 11: Coverage (FFO/Debt)
*   **2021:** 9,935 / 63,079 = **0.157**
*   **2022:** 11,690 / 78,377 = **0.149**
*   **Change:** -0.008 (Stable, as it is between -0.03 and +0.03)

### Step 12: Classification
*   Signal 1 (Leverage): Deteriorating (+0.27x exceeds the +0.2x threshold).
*   Signal 2 (Coverage): Stable (-0.008 is within the +/- 0.03 stability range).
*   Per instructions, when one is Stable and one is Deteriorating, we return the non-Stable category.

<answer>Deteriorating</answer>