TA not the only one with questionable dividend strategyhttps://www.fool.ca/2015/10/29/should-investors-buy-the-new-hydro-one-ipo-over-fortis-inc/?source=c75yhocs0040001 An excerpt from the above link: "Over the last four decades, there hasnt been many dividend-growth investments better than Fortis Inc. (TSX:FTS). The company has come a long way from its Newfoundland roots. It now owns utilities across Canada, including natural gas assets in B.C., and electric generation in both Alberta and Atlantic Canada. It also owns regulated utilities in the United States and the Caribbean. Its dividend growth has been remarkably consistent. It has raised the payout for 42 consecutive years, which makes it the current leader in a category followed very closely by dividend enthusiasts. But perhaps the company isnt as healthy as history would indicate. The balance sheet is getting steadily worse. At the end of 2011 it owed $6.3 billion in total debt along with $912 million in preferred shares. As of the most recent quarter, the total debt has more than doubled; it owes $12.2 billion in debt and $1.8 billion in preferred shares. Additionally, the company hasnt earned enough in free cash flow to service the dividend in years. Over the last 12 months it posted $1.3 billion in cash from operations, while spending $2.3 billion on capital expenditures. The cash used to pay the dividend was part of the $3.3 billion it borrowed. Those kinds of numbers make me nervous. Plus, shares of the company trade at a P/E ratio of nearly 19, which is a little expensive."