Moody's expects that this will result in Moody's gross adjusted leverage improving to around 4.0x in 2023. However, Flutter is currently more weakly positioned in its rating category given Moody's expectation of delays to its deleveraging trajectory. This is due to the company's weaker than expected profitability in the first half of 2022, the higher debt burden due to the stronger USD, and a lower free cash flow (FCF) forecast in 2023 due to higher capex expected in 2023. Negative rating action is therefore likely if there is further downside deviation to current forecasts.Flutter remains committed to its public net leverage target of 1 to 2 times in the medium-term but Moody's expects Moody's gross adjusted leverage will be 4.8x in 2022 pro forma the consolidation of Sisal, compared with around just above 4.0x as per Moody's previous expectations.