Walgreens Boots Alliance (WBA) is one of the few retailers with a Safe Dividend Safety Score. The coronavirus pandemic has forced most businesses to temporarily close, but pharmacies are designated essential services and have therefore remained open, boosting demand for many of their products. On April 2, Walgreens reported earnings and said it was on track to meet its full-year guidance prior to the virus outbreak. Business conditions improved further during the first 21 days of March as consumers stockpiled on health and wellness products and groceries. Walgreens' U.S. same-store sales grew 26% in this period.

Suncor (SU) is an integrated energy company focused on developing Canada’s oil sands. Oil sand is a heavy mixture of bitumen, sand, fine clays, and water. Because it does not flow like conventional crude oil, it must be mined or heated underground before it can be processed. Oil sands production historically generated around 60% of Suncor's funds from operations, with refining and marketing operations accounting for most of the remainder. The unprecedented oil-price crash earlier this month has caused virtually all energy companies to evaluate their capital allocation plans.

The Canadian banking industry has had quite a run. Not a single bank has failed in over 20 years, and the largest banks have paid stable or higher dividends for more than a century: Royal Bank of Canada (RY): since 1870Canadian Imperial Bank of Commerce (CM): since 1868Toronto-Dominion Bank (TD): since 1857Scotiabank (BNS): since 1833Bank of Montreal (BMO): since 1829 Compared to their American counterparts, Canadian banks sailed through the 2008 housing crash (see below) and have arguably not faced a major downturn in the credit cycle for at least a couple of decades.

The Canadian banking industry has had quite a run. Not a single bank has failed in over 20 years, and the largest banks have paid stable or higher dividends for more than a century: Royal Bank of Canada (RY): since 1870Canadian Imperial Bank of Commerce (CM): since 1868Toronto-Dominion Bank (TD): since 1857Scotiabank (BNS): since 1833Bank of Montreal (BMO): since 1829 Compared to their American counterparts, Canadian banks sailed through the 2008 housing crash (see below) and have arguably not faced a major downturn in the credit cycle for at least a couple of decades.

The Canadian banking industry has had quite a run. Not a single bank has failed in over 20 years, and the largest banks have paid stable or higher dividends for more than a century: Royal Bank of Canada (RY): since 1870Canadian Imperial Bank of Commerce (CM): since 1868Toronto-Dominion Bank (TD): since 1857Scotiabank (BNS): since 1833Bank of Montreal (BMO): since 1829 Compared to their American counterparts, Canadian banks sailed through the 2008 housing crash (see below) and have arguably not faced a major downturn in the credit cycle for at least a couple of decades.

The Canadian banking industry has had quite a run. Not a single bank has failed in over 20 years, and the largest banks have paid stable or higher dividends for more than a century: Royal Bank of Canada (RY): since 1870Canadian Imperial Bank of Commerce (CM): since 1868Toronto-Dominion Bank (TD): since 1857Scotiabank (BNS): since 1833Bank of Montreal (BMO): since 1829 Compared to their American counterparts, Canadian banks sailed through the 2008 housing crash (see below) and have arguably not faced a major downturn in the credit cycle for at least a couple of decades.

The Canadian banking industry has had quite a run. Not a single bank has failed in over 20 years, and the largest banks have paid stable or higher dividends for more than a century: Royal Bank of Canada (RY): since 1870Canadian Imperial Bank of Commerce (CM): since 1868Toronto-Dominion Bank (TD): since 1857Scotiabank (BNS): since 1833Bank of Montreal (BMO): since 1829 Compared to their American counterparts, Canadian banks sailed through the 2008 housing crash (see below) and have arguably not faced a major downturn in the credit cycle for at least a couple of decades.

America's banks have come a long ways since the 2007-09 financial crisis. They are generally much better capitalized and have sizable capital buffers to absorb losses from unexpected shocks. For example, the Fed's 2019 stress test on the nation's largest and most complex banks indicated that these institutions could maintain adequate capital levels, as well as their dividends, in "severely adverse" economic conditions. However, the coronavirus pandemic is a test unlike any other for banks. Interest rates have plunged, the potential for widespread credit losses has jumped, and political pressure is mounting for banks to free up more capital for their communities rather than reward shareholders with distributions.

On March 24, Phillips 66 (PSX) announced its response to the challenging business environment caused by extreme volatility in energy markets and the coronavirus pandemic. Despite facing industry conditions that are worse than the last down cycle in 2016, the firm's dividend remains a priority: "We are taking action to maintain our financial strength to ensure security of our dividend..." – CEO Greg Garland Management expects EBITDA to be in a range of $3 billion to $4 billion this year, below the $4 billion trough it experienced in 2016. In response, the company plans to reduce its capital spending by $700 million to $3.1 billion, and $500 million of cost savings initiatives are planned.

America's largest banks have come a long ways since the 2007-09 financial crisis. Based on data from the Federal Reserve, they are well capitalized and have sizable capital buffers to absorb losses from unexpected shocks. The Fed's 2019 stress test on the nation's largest banks such as JPMorgan Chase (JPM) indicated that these institutions could maintain adequate capital levels, as well as their dividends, in "severely adverse" economic conditions. However, the coronavirus pandemic is a test unlike any other as many parts of the economy have now reached a standstill. Many households and businesses simultaneously need access to capital, and fast.