CenturyLink 2008 Annual Report Download - page 3

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To Our Shareholders
CenturyTel
PAGE 1
hallenging times oer an opportunity
for strong and resilient companies
to become even stronger. This was
the case for CenturyTel in 2008. We
eciently managed our operations,
generated record free cash ow, and
maintained a strong balance sheet. As a
result, we weathered the credit market
crisis of 2008 with liquidity and an
investment-grade credit rating. This
nancial strength also allowed us to take
advantage of a major strategic opportu-
nity that arose in 2008, our pending
acquisition of the Embarq Corporation.
C