To estimate the credit trend for Ørsted A/S, we follow the S&P methodology for the "Unregulated Power and Gas" industry.

### 1. Identify Industry
Ørsted A/S is primarily a renewable energy company (wind, bioenergy, solar), fitting the **Unregulated Power and Gas** industry.

### 2-4. Estimates for 2021
*   **Adjusted_EBITDA 2021:** Reported EBITDA is 24,296M DKK.
*   **FFO 2021:**
    *   Cash Interest: Interest paid = 3,985M DKK.
    *   Cash Taxes: Income taxes paid = 1,380M DKK.
    *   FFO = 24,296 - 3,985 - 1,380 = **18,931M DKK**.
*   **Adjusted_Debt 2021:**
    *   Reported Debt: Longterm Borrowings (31,502) + Shortterm Borrowings (19,493) = 50,995M DKK.
    *   Leases: Noncurrent (6,812) + Current (720) = 7,532M DKK.
    *   Eligible Cash: 8,624M DKK.
    *   Adjusted Debt = 50,995 + 7,532 - 8,624 = **49,903M DKK**.

### 5-6. 2021 Ratios
*   **Adj. Debt / Adj. EBITDA:** 49,903 / 24,296 = **2.05x**.
*   **FFO / Adj. Debt:** 18,931 / 49,903 = **0.379**.

### 7-9. Estimates for 2022
*   **Adjusted_EBITDA 2022:** Reported EBITDA is 32,057M DKK.
*   **FFO 2022:**
    *   Cash Interest: Interest paid = 8,548M DKK.
    *   Cash Taxes: Income taxes paid = 1,263M DKK.
    *   FFO = 32,057 - 8,548 - 1,263 = **22,246M DKK**.
*   **Adjusted_Debt 2022:**
    *   Reported Debt: Longterm Borrowings (60,451) + Shortterm Borrowings (2,830) = 63,281M DKK.
    *   Leases: Noncurrent (7,697) + Current (569) = 8,266M DKK.
    *   Eligible Cash: 16,178M DKK.
    *   Adjusted Debt = 63,281 + 8,266 - 16,178 = **55,369M DKK**.

### 10-11. 2022 Ratios
*   **Adj. Debt / Adj. EBITDA:** 55,369 / 32,057 = **1.73x**.
*   **FFO / Adj. Debt:** 22,246 / 55,369 = **0.402**.

### 12. Classification
*   **Signal 1 (Leverage):** 1.73x - 2.05x = -0.32x. (Threshold ≤ -0.2x, **Improving**)
*   **Signal 2 (Coverage):** 0.402 - 0.379 = +0.023. (Threshold ≥ +0.03, **Stable**)

Both signals point toward an improving or stable trajectory. Since the leverage improvement is significant (-0.32x) and the coverage ratio remains healthy despite the increase in interest expenses, the overall trend is considered Improving.

<answer>Improving</answer>