### Step 1: Identify the relevant industry
Fortum Oyj is a major Finnish energy company primarily involved in power generation (including nuclear and hydro), heat production, and electricity sales. Based on the provided S&P methodologies, it falls under the **Unregulated Power And Gas** sector. Although it has some regulated or stable operations, the bulk of its reported financials, especially the discontinued Russian operations (Uniper), align with this sector. We will apply the general corporate baseline formulas as no specific adjustments (like off-balance sheet PPAs or lease adjustments) are explicitly quantifiable from the provided data alone.

### Step 2: Estimate 2021 Adjusted_EBITDA
Following the baseline formula: Adjusted_EBITDA = EBITDA (reported) + adjustment_leases + nonrecurring_losses - nonrecurring_gains ± other_normalization_adjustments.

- Reported EBITDA for 2021: 4,913,000,000 EUR
- Nonrecurring items are typically captured in "Items Affecting Comparability". For 2021, this was a gain of 2,897,000,000 EUR. We subtract this to find the normalized/reported EBITDA component. Wait, the reported EBITDA is already the total. Let's check the components:
  - Profit Loss From Operating Activities 2021: 4,325,000,000 EUR
  - Depreciation And Amortisation Expense 2021: 587,000,000 EUR
  - Reported EBITDA = 4,325,000,000 + 587,000,000 = 4,912,000,000 EUR (Note: the facts state "Operating Profit Before Depreciations Ebitda" is 4,913,000,000 EUR, a 1M rounding difference).
- S&P typically adjusts EBITDA for nonrecurring items. The "Items Affecting Comparability" for 2021 is +2,897,000,000 EUR (a large gain, likely from the Uniper revaluation/acquisition). 
- Comparable EBITDA for 2021 is provided as 2,016,000,000 EUR. This aligns with removing the comparability items and other adjustments.
- Since no specific lease adjustments or other details are provided, we use the **Comparable EBITDA** as the best proxy for Adjusted EBITDA:
  - **2021 Adjusted_EBITDA = 2,016,000,000 EUR**

### Step 3: Estimate 2021 FFO
Formula: FFO = Adjusted_EBITDA - cash_interest - cash_taxes.

- Cash interest 2021: "Interest Paid Classified As Operating Activities" = 147,000,000 EUR
- Cash taxes 2021: "Income Taxes Paid Refund Classified As Operating Activities" = 279,000,000 EUR
- 2021 FFO = 2,016,000,000 - 147,000,000 - 279,000,000 = 1,590,000,000 EUR

### Step 4: Estimate 2021 Adjusted_Debt
Formula: Adjusted_Debt = (reported_debt + leases + pension_deficit + guarantees + hybrid_debt_portion + other_debt_like_items) - eligible_cash.

- Reported debt 2021: "Other Noncurrent Financial Liabilities" (8,701,000,000) + "Other Current Financial Liabilities" (8,519,000,000) = 17,220,000,000 EUR.
- Lease liabilities 2021: Typically included in "Other Noncurrent Liabilities" and "Other Shortterm Provisions". Based on the massive swing in 2022 (discontinued operations), we observe "Other Noncurrent Liabilities" dropped from 397M to 121M, and "Other Shortterm Provisions" from 2,299M to 13M. These likely contained the Russian Uniper lease liabilities. To be conservative and consistent, we treat "Other Noncurrent Liabilities" and "Other Shortterm Provisions" as leases/debt-like items.
  - 2021 Leases/Debt-like = 397,000,000 + 2,299,000,000 = 2,696,000,000 EUR.
- Eligible cash 2021: "Liquid Funds" = 7,592,000,000 EUR.
- 2021 Adjusted_Debt = 17,220,000,000 (Debt) + 2,696,000,000 (Leases/Other) - 7,592,000,000 (Cash) = 12,324,000,000 EUR.

### Step 5: Calculate 2021 Adjusted_Debt / Adjusted_EBITDA
- Ratio = 12,324,000,000 / 2,016,000,000 = 6.12x

### Step 6: Calculate 2021 FFO / Adjusted_Debt
- Ratio = 1,590,000,000 / 12,324,000,000 = 12.90% or 0.129

### Step 7: Estimate 2022 Adjusted_EBITDA
- Comparable EBITDA for 2022 is provided as 2,436,000,000 EUR.
- **2022 Adjusted_EBITDA = 2,436,000,000 EUR**

### Step 8: Estimate 2022 FFO
- Cash interest 2022: "Interest Paid Classified As Operating Activities" = 201,000,000 EUR
- Cash taxes 2022: "Income Taxes Paid Refund Classified As Operating Activities" = 167,000,000 EUR
- 2022 FFO = 2,436,000,000 - 201,000,000 - 167,000,000 = 2,068,000,000 EUR

### Step 9: Estimate 2022 Adjusted_Debt
- Reported debt 2022: "Other Noncurrent Financial Liabilities" (3,658,000,000) + "Other Current Financial Liabilities" (4,127,000,000) = 7,785,000,000 EUR.
- Leases/Debt-like 2022: "Other Noncurrent Liabilities" (121,000,000) + "Other Shortterm Provisions" (13,000,000) = 134,000,000 EUR.
- Eligible cash 2022: "Liquid Funds" = 3,919,000,000 EUR.
- 2022 Adjusted_Debt = 7,785,000,000 (Debt) + 134,000,000 (Leases/Other) - 3,919,000,000 (Cash) = 4,000,000,000 EUR.

### Step 10: Calculate 2022 Adjusted_Debt / Adjusted_EBITDA
- Ratio = 4,000,000,000 / 2,436,000,000 = 1.64x

### Step 11: Calculate 2022 FFO / Adjusted_Debt
- Ratio = 2,068,000,000 / 4,000,000,000 = 51.70% or 0.517

### Step 12: Classify the year-on-year credit trend
- **Signal 1 (Leverage):** Change in Adjusted_Debt / Adjusted_EBITDA = 1.64x - 6.12x = -4.48x. This is ≤ -0.2x, so it is **Improving**.
- **Signal 2 (Cash-flow coverage):** Change in FFO / Adjusted_Debt = 0.517 - 0.129 = +0.388. This is ≥ +0.03, so it is **Improving**.

Both signals agree that the credit trend is Improving. The massive deconsolidation of the Russian operations (Uniper) drastically reduced the debt base while the continuing operations maintained strong cash flow generation, significantly improving all leverage and coverage metrics.

<answer>Improving</answer>