Factors Affecting Dividends in XYZ Corporation

XYZ Corporation has consistently paid dividends over the past decade, maintaining a steady growth rate of 5% annually. However, due to market volatility and increased operational costs in recent quarters, the management decided it might need to reassess its dividend policy moving forward. The company is considering three different factors that could potentially impact future dividends.

Given XYZ Corporation's current financial position and the general market conditions, which of the following factors would most likely lead to a decrease in dividend payments?