To determine S&P's credit trend for ENEL - SPA from 2021 to 2022, we estimate the Adjusted EBITDA, FFO, and Adjusted Debt following the standard methodology for Regulated Utilities / Unregulated Power and Gas.

**Step 1: Identify the Industry**
ENEL - SPA is a multinational energy company that fits the profile of "Regulated Utilities" and "Unregulated Power and Gas". 

**Step 2: Estimate 2021 Adjusted EBITDA**
We reconstruct EBITDA using Operating Profit (EBIT) plus Depreciation and Amortization.
* EBIT ("Profit Loss From Operating Activities"): 7,551M EUR
* D&A ("Depreciation Amortisation And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss"): 8,507M EUR
* **2021 Adjusted EBITDA** = 7,551 + 8,507 = **16,058M EUR**

**Step 3: Estimate 2021 FFO (Funds From Operations)**
FFO is calculated as Adjusted EBITDA minus cash interest and cash taxes paid.
* Cash Interest Paid: 4,277M EUR
* Cash Interest Received: 1,365M EUR
* Net Cash Interest Paid: 4,277 - 1,365 = 2,912M EUR
* Cash Taxes Paid ("Income Taxes Paid Refund Classified As Operating Activities"): 1,846M EUR
* **2021 FFO** = 16,058 - 2,912 - 1,846 = **11,300M EUR**

**Step 4: Estimate 2021 Adjusted Debt**
We sum short-term, current portion, and long-term borrowings (including related parties), deduct eligible cash, and add 50% of hybrid capital (as per S&P's standard equity-credit for hybrids) and pension deficits.
* Total Reported Debt = 54,500 (LT) + 4,031 (CP) + 13,306 (ST) + 880 (RP-LT) + 109 (RP-CP) + 6 (RP-ST) = 72,832M EUR
* Cash & Equivalents: 8,858M EUR
* Net Debt = 72,832 - 8,858 = 63,974M EUR
* 50% of Perpetual Hybrid Bonds (5,567 * 50%): 2,783.5M EUR
* Pensions ("Noncurrent Provisions For Employee Benefits"): 2,724M EUR
* **2021 Adjusted Debt** = 63,974 + 2,783.5 + 2,724 = **69,481.5M EUR**

**Step 5: 2021 Leverage and Coverage Ratios**
* **Adjusted Debt / Adjusted EBITDA** = 69,481.5 / 16,058 = **4.33x**
* **FFO / Adjusted Debt** = 11,300 / 69,481.5 = **0.1626 (16.26%)**

**Step 6: Estimate 2022 Adjusted EBITDA**
* EBIT: 11,193M EUR
* D&A: 7,447M EUR
* **2022 Adjusted EBITDA** = 11,193 + 7,447 = **18,640M EUR**

**Step 7: Estimate 2022 FFO**
* Cash Interest Paid: 5,016M EUR
* Cash Interest Received: 2,622M EUR
* Net Cash Interest Paid: 5,016 - 2,622 = 2,394M EUR
* Cash Taxes Paid: 1,934M EUR
* **2022 FFO** = 18,640 - 2,394 - 1,934 = **14,312M EUR**

**Step 8: Estimate 2022 Adjusted Debt**
* Total Reported Debt = 68,191 (LT) + 2,835 (CP) + 18,392 (ST) + 774 (RP-LT) + 110 (RP-CP) + 14 (RP-ST) = 90,316M EUR
* Cash & Equivalents: 11,041M EUR
* Net Debt = 90,316 - 11,041 = 79,275M EUR
* 50% of Perpetual Hybrid Bonds (5,567 * 50%): 2,783.5M EUR
* Pensions ("Noncurrent Provisions For Employee Benefits"): 2,202M EUR
* **2022 Adjusted Debt** = 79,275 + 2,783.5 + 2,202 = **84,260.5M EUR**

**Step 9: 2022 Leverage and Coverage Ratios**
* **Adjusted Debt / Adjusted EBITDA** = 84,260.5 / 18,640 = **4.52x**
* **FFO / Adjusted Debt** = 14,312 / 84,260.5 = **0.1698 (16.98%)**

**Step 10: Compare Trend Signals**
* **Signal 1 (Leverage):** 4.52x - 4.33x = **+0.19x**. Because the change is strictly between -0.2x and +0.2x, this indicates a **Stable** trend.
* **Signal 2 (Coverage):** 0.1698 - 0.1626 = **+0.0072** (+0.72 percentage points). Because the change is strictly between -0.03 and +0.03, this indicates a **Stable** trend.

Both signals perfectly align. 

<answer>Stable</answer>