To estimate S&P's credit trend for Électricité de France (EDF) from 2021 to 2022, we analyze the company's financial metrics based on the provided annual report data.

**Step 1: Identify the Relevant Industry**
EDF operates primarily as a regulated utility and unregulated power and gas provider. S&P analyzes this sector emphasizing stable regulatory frameworks, asset profiles, profitability (EBITDA), and reliable cash flows (FFO).

**Step 2 & 3: Estimate 2021 Adjusted EBITDA and FFO**
- **Adjusted EBITDA:** We use "Operating Profit Before Depreciation And Amortisation" as our baseline EBITDA. For 2021, this was **€18.00 billion**.
- **FFO (Funds From Operations):** Operating cash flow before working capital changes is the standard proxy. In 2021, Net Cash Flow From Operations was €12.65 billion and the working capital change contributed €1.53 billion. Removing the working capital change, FFO was approximately **€11.12 billion**. 

**Step 4: Estimate 2021 Adjusted Debt**
- **Reported Debt:** "Other Noncurrent Financial Liabilities" (€56.54B) + "Other Current Financial Liabilities" (€45.01B) = €101.55 billion.
- **Adjustments:** Adding "Noncurrent Provisions For Employee Benefits" (€21.72B) and "Provisions Related To Nuclear Generation..." (€62.07B), then subtracting "Cash And Cash Equivalents" (€9.92B). 
- **Adjusted Debt:** ~**€175.42 billion** (excluding short-term liquid financial assets which might partially offset this).

**Step 5 & 6: Calculate 2021 Ratios**
- **Leverage (Adjusted Debt / Adjusted EBITDA):** €175.42B / €18.00B ≈ **9.7x**
- **Cash-Flow Coverage (FFO / Adjusted Debt):** €11.12B / €175.42B ≈ **6.3%**

**Step 7 & 8: Estimate 2022 Adjusted EBITDA and FFO**
- **Adjusted EBITDA:** In 2022, due to massive energy market disruptions, price caps in France, and nuclear fleet outages, EDF's "Operating Profit Before Depreciation And Amortisation" collapsed to **-€4.99 billion** (a loss).
- **FFO:** Cash Flow From Operating Activities was -€7.43 billion. Factoring out working capital cash outflows (-€8.30 billion), FFO dramatically plunged to near zero (approx. **€0.88 billion**). 

**Step 9: Estimate 2022 Adjusted Debt**
- **Reported Debt:** Noncurrent (€71.06B) + Current (€71.84B) = €142.90 billion (a substantial +€41 billion increase to plug the massive operating deficit).
- **Adjustments:** Adding Employee Benefits (€16.23B) and Nuclear Provisions (€56.02B), less Cash (€10.95B).
- **Adjusted Debt:** ~**€204.20 billion**.

**Step 10 & 11: Calculate 2022 Ratios**
- **Leverage (Adjusted Debt / Adjusted EBITDA):** Because EBITDA turned negative (-€4.99B), the leverage metric became statistically meaningless (effectively infinite/highly distressed), representing a severe deterioration from 9.7x.
- **Cash-Flow Coverage (FFO / Adjusted Debt):** €0.88B / €204.20B ≈ **0.4%**.

**Step 12: Classify the Trend**
- **Signal 1 (Leverage):** The complete collapse of EBITDA into negative territory coupled with an explosive increase in debt indicates a severe worsening in leverage (change ≥ +0.2x). **(Deteriorating)**
- **Signal 2 (Coverage):** FFO-to-Debt collapsed from 6.3% to 0.4%, which is a drop of 5.9 percentage points, well past the -3% (or -0.03) threshold. **(Deteriorating)**

Both indicators demonstrate a profound shock to the company's financial risk profile over 2022.

<answer>Deteriorating</answer>