The Globe and Mail reports in its Monday, Aug. 7, edition that TC Energy shares have been falling of late and its dividend yield is near 8 per cent. The Globe's John Heinzl writes that he concedes that TC Energy has its challenges. However, he does not expect it to cut its dividend. Mr. Heinzl says he owns the stock in his personal portfolio and he has no intention of selling. Dividend increases are not official until the board approves them. However, unless things deteriorate dramatically, a cut does not appear to be in the cards. TC Energy has a substantial cash flow buffer protecting its dividend. In 2022, it paid out 49 per cent of its adjusted funds from operations (AFFO) -- a measure of the cash-generating ability of the business -- as dividends. For 2023 and 2024, the AFFO payout ratio is expected to rise to 53.6 per cent and 55.3 per cent, according to estimates by CIBC Capital Markets analyst Robert Catellier. That still leaves a significant cushion for the dividend. The recent sale of a 40-per-cent interest in its Columbia Gas and Columbia Gulf transmission assets to a joint-venture partner for $5.2-billion will provide cash to reduce TC Energy's uncomfortably high debt load.