The dividend and the payout ratioes are closely coupled numeroes. At current rates, the PR stands close to 5o percentao, therefore, contrary to what the compania may say or should say, the possibility of a cut cannot be overruled.

Competitors in the same space operate with a PR of 3o to 4o percentao. No matter how you look at it, the PR remains high of which further implies that a cut should not come as a big surprise.