To estimate the S&P credit trend for Acciona S.A., we first identify the industry. Acciona is primarily a leader in renewable energy and infrastructure, which aligns with the "Unregulated Power and Gas" and "Transportation Infrastructure" methodologies. We will use the general corporate methodology for key financial ratios.

### 1. Financial Estimates (in EUR millions)

**Reported Data Extraction:**
*   **2021:**
    *   Operating Profit: 829
    *   Depreciation/Amortization: 714
    *   Cash Interest (Finance Costs): 235
    *   Cash Taxes: 82
    *   Debt (Noncurrent Loans + Current Loans + Noncurrent/Current Leases): 2073 + 280 + 430 + 68 = 2851
    *   Cash (Cash and Cash Equivalents): 2407
*   **2022:**
    *   Operating Profit: 1334
    *   Depreciation/Amortization: 762
    *   Cash Interest: 256
    *   Cash Taxes: 215
    *   Debt (Noncurrent Loans + Current Loans + Noncurrent/Current Leases): 2624 + 553 + 439 + 72 = 3688
    *   Cash: 2360

### 2. Metric Calculations

**Step 2 & 7: Adjusted_EBITDA**
*   **2021:** 829 (Operating Profit) + 714 (D&A) = 1543
*   **2022:** 1334 (Operating Profit) + 762 (D&A) = 2096

**Step 3 & 8: FFO**
*   **2021:** 1543 - 235 - 82 = 1226
*   **2022:** 2096 - 256 - 215 = 1625

**Step 4 & 9: Adjusted_Debt (Debt - Cash)**
*   **2021:** 2851 - 2407 = 444
*   **2022:** 3688 - 2360 = 1328

**Step 5 & 10: Leverage (Adj_Debt / Adj_EBITDA)**
*   **2021:** 444 / 1543 = 0.288x
*   **2022:** 1328 / 2096 = 0.634x
*   **Signal 1 Change:** +0.346x (Deteriorating as > +0.2x)

**Step 6 & 11: Cash-flow Coverage (FFO / Adj_Debt)**
*   **2021:** 1226 / 444 = 2.76
*   **2022:** 1625 / 1328 = 1.22
*   **Signal 2 Change:** 1.22 - 2.76 = -1.54 (Deteriorating as < -0.03)

### 3. Conclusion
Both signals agree that the company’s credit metrics have deteriorated significantly. The increase in net debt combined with the ratio analysis shows that, despite strong operating performance, the financial burden increased, leading to a poorer credit profile relative to 2021.

<answer>Deteriorating</answer>