To estimate the credit trend for ENI S.P.A. from 2021 to 2022, we follow the S&P Oil and Gas Exploration and Production (E&P) methodology.

### 1. Identify Industry: Oil and Gas Exploration and Production

### 2 & 7. Calculate Adjusted EBITDA
*Formula: Operating Income + Depreciation & Amortization + Impairments/Write-offs*
*   **2021 (Reported):** Profit from Operating Activities (12,341) + Depr. & Amort. (7,063) + Impairment (167) + Write-offs (387) = **19,958 million EUR**
*   **2022 (Reported):** Profit from Operating Activities (17,510) + Depr. & Amort. (7,205) + Impairment (1,140) + Write-offs (599) = **26,454 million EUR**

### 3 & 8. Calculate FFO
*Formula: Adjusted EBITDA - Cash Interest - Cash Taxes*
*   **2021:** 19,958 - 794 (Interest Expense) - 3,726 (Taxes Paid) = **15,438 million EUR**
*   **2022:** 26,454 - 1,033 (Interest Expense) - 8,488 (Taxes Paid) = **16,933 million EUR**

### 4 & 9. Calculate Adjusted Debt
*Formula: Short-term Borrowings + Current Portion of LT Borrowings + LT Borrowings + Lease Liabilities - Cash*
*   **2021:** 2,299 + 1,781 + 23,714 + (948+4,389) - 8,254 = **25,877 million EUR**
*   **2022:** 4,446 + 3,097 + 19,374 + (884+4,067) - 10,155 = **21,713 million EUR**

### 5 & 10. Debt/EBITDA Ratio
*   **2021:** 25,877 / 19,958 = **1.30x**
*   **2022:** 21,713 / 26,454 = **0.82x**
*   **Change:** -0.48x (Improving)

### 6 & 11. FFO/Debt Ratio
*   **2021:** 15,438 / 25,877 = **0.597**
*   **2022:** 16,933 / 21,713 = **0.780**
*   **Change:** +0.183 (Improving)

### 12. Classification
*   **Signal 1 (Leverage):** -0.48x is ≤ -0.2x (Improving).
*   **Signal 2 (Cash-flow):** +0.183 is ≥ +0.03 (Improving).

Both signals strongly indicate that Eni's credit trend is Improving.

<answer>Improving</answer>