The dividend aristocrats universe is shrinking according to analysts as some companies freeze dividends while others cut their payments. S&P might even consider lowering the standards for the elite dividend index. One of the criteria that could be lowered is the requirement for annual dividend increases to 20 years or fewer. This is in response to the fact that the number of aristocrats has decreased from 64 in 2001 to potentially less than 40 by year-end.

The stocks that come to mind as solid candidates for the Dividend Aristocrats index is AT&T (T) and Brown Forman (BF-B). AT&T has increased its dividends for 25 consecutive years and is a member of the S&P 500. AT&T last raised its quarterly dividends in December 2008 by 2.5% to $0.41/share. The stock currently yields 6.40%. Check my analysis of AT&T.

Brown Forman (BF-B) has increased its dividends for 25 consecutive years as well. The company engages in the manufacture, bottling, import, export, and marketing of alcoholic beverage brands. Some of its well-known brands include Jack Daniel's, Finlandia, and Southern Comfort. The stock currently yields 2.60%.

If the criteria were lowered to including stocks, which have raised dividends for 20 years, this could bring in these S&P 500 stocks to the index:

Cintas Corp (CTAS), which provides corporate identity uniforms and related business services in the United States and Canada, has increased its dividends for over 22 consecutive years. The Cincinnati, Ohio based company currently yields 1.80%.

Health Care Property Investors Inc (HCP), operates as a real estate investment trust in the United States.