Windstream Corporation http://www.alacrastore.com/company-snapshot/Windstream_Corporation-2530191 Monday, October 13, 2008 1:53:59 AM 2530191 Windstream Corporation en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/newstex/BW-0001-28639852newstex/BW-0001-28639852xml Oct. #, #### (Business Wire) -- Windstream Corporation (NYSE: WIN) will hold a conference call at #:## a.m. CST on Nov. # to announce the companya€™s third-quarter earnings results. To access the call: Interested parties can access...040000000401600004016018040160480401600110/9/2008 5:24:35 PM180000001800400018008000Business WireBW-0001-28639852WINDSTREAM CORPORATIONWINNewsNewstexhttp://www.alacrastore.com/storecontent/cs/74726cs/74726norm Telecom & Suppliers Monthly Summary: October #### We review key themes published in September. We examine the relative value of CDS in the telecom carrier and technology spaces. We summarize our views on companies within our coverage....747262598YesD0Article127121463416419862061502235224207076511627263174892187762119313517951964corphy1921102727114622536181942High Yield82Telecom & Suppliers Monthly Summary33Capital Structure9/30/2008 11:06:00 PM150We summarize our investment theses for companies under our coverage. In addition we summarize and highlight changes and key points in research published in the month of September.74726Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/74017cs/74017norm US Telecom Service Providers: Takeaways from the #Q## ##Qs In this brief article, we summarize several points and takeaways from the #Q## ##Qs filed by US telecom carriers. We focus on comments included in the #Q filings that were not...2181964corphy119701810-Q Cuts303G/Wireless Technology42High Yield9/11/2008 2:06:00 AM150In this brief article, we summarize several points and takeaways from the 2Q08 10Qs filed by US telecom carriers.740171522YesD0Article2249861271223726765206174017Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/spcred/669304spcred/669304normThe latest Summary from S&Pglobal9/3/2008 6:25:00 PM175Summary669304United StatesIntegrated Telecommunication ServicesUnited StatesGlobal IssuersCorporationsTelecommunications & CableSummaryThe ratings on Little Rock, Ark.-based Windstream Corp. continue to reflect an aggressive shareholder-oriented financial policy with a commitment to a substantial common dividend and share repurchases, which limits potential debt reduction. The company also faces accelerating competition for voice and data services from cable operators that could lead to pricing and margin pressure, and flat-to-declining revenues from its mature local telephone business. Tempering factors include the company's position as the dominant provider of local and long-distance telecommunications services in secondary and tertiary markets. Those markets have experienced less aggressive cable-based voice over Internet protocol (VoIP) deployment, yet benefit from growth in data and Internet services, solid operating margins, and moderate capital requirements. Windstream is an incumbent local exchange carrierUSA97381W97381H50101020 501010 5010 50Windstream Corp.401537USAWINSUMMARYGLOBISSCORPTelecommunicationsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/669154spcred/669154normThe latest Full Report from S&Pglobal9/3/2008 1:11:09 PM400Full Report669154United StatesIntegrated Telecommunication ServicesUnited StatesGlobal IssuersCorporationsTelecommunications & CableFull ReportStrong EBITDA margins and solid free operating cash flow from geographically diverse operations; Secondary and tertiary nature of Windstream's markets provides some insulation from competition, resulting in historically lower access-line erosion than for the regional Bell operating companies (RBOCs); and Growth potential from digital subscriber lines (DSL) partially offsets declines in local service and access revenues. Aggressive, shareholder-oriented financial policy with a commitment to a substantial common dividend and share repurchases limits debt reduction; Accelerating competition for voice and data services from cable operators and wireless providers; and Flat-to-declining revenues from its mature local telephone business. The ratings on Little Rock, Ark.-based Windstream Corp. continue to reflect an aggressive shareholder-oriented financial policy with a commitment to a substantial common dividendUSA97381W97381H50101020 501010 5010 50Windstream Corp.401537USAWINFULLUSA01991801609050101020 501010 5010 50Windstream Georgia Communications Corp.Windstream Holding of the Midwest Inc.127687109412USAALNT15861ZGLOBISSCORPTelecommunicationsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/cs/73616cs/73616norm Telecom & Suppliers Monthly Summary: September #### We review key themes published in August. We examine the relative value of CDS in the telecom carrier and technology spaces. We summarize our views on companies within our coverage....736161561YesD0Article7952185177621197653174891964313164198612712142070634501162726208222352242061corphy181942High Yield82Telecom & Suppliers Monthly Summary9/1/2008 11:06:44 PM150We summarize our investment theses for companies under our coverage. In addition, we summarize and highlight changes and key points in research published in the month of August.73616Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/bir/1319487bir/1319487normWindstream Corp.CT Communications Inc.Concord Telephone Co.Valor TelecomValor Communications Group Inc.United StatesCommunications: Telecommunications: Telecommunications.481351711017HKWIN8/26/2008 6:21:38 AM1319487Company Profiles & FinancialsGale Company Profileshttp://www.alacrastore.com/storecontent/cs/73058cs/73058norm Windstream #Q## Tearsheet Q#:## leverage remained #.#x debt/annualized OIBDA, but management targets a BB rating rather than a specific ratio. Windstream also repurchased ~#.#M shares in Q#, completing ~##% of its $###M repurchase authorization.Despite...73058679YesC21Tearsheet2061tearsheets/premium198/20/2008 1:05:59 PM15073058Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/73329cs/73329norm Telecom & Suppliers CY#Q## Review: A Sigh of Relief for Tech; Mixed for Telcos The quarter brings, for the most part, a sigh of relief to tech companies, as the macro environment and demand have not deteriorated much from the prior...733293708YesD0Article2146345016412061127120702082522411627262233132187762119986517953171964765489corphy22511918303G/Wireless Technology33Capital Structure42High Yield66Earnings Reports - TMT8/20/2008 10:09:29 AM150With CY Q2:08 earnings wrapping up, we comment on some of the key themes and issues which surfaced from the earnings reports, including economic effects and the relationships among various parts of the value chain.73329Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/newstex/MCOM-0004-27310592newstex/MCOM-0004-27310592xml Aug. ##, #### (M# Communications Ltd. delivered by Newstex) -- Windstream Corporation (NYSE: WIN), a provider of digital phone, high-speed Internet and high-definition video and entertainment services, on # August posted results for...0400000004016000040160188/11/2008 6:22:08 AM1800000018004000M2 EquityBitesMCOM-0004-27310592WINDSTREAM CORPORATIONWINNewsNewstexhttp://www.alacrastore.com/storecontent/cs/73003cs/73003norm Windstream #Q##: Key Takeaways We believe the Q# results were very solid, featuring relatively stable recurring revenue excluding one time items, improvement in the access line loss trend, and increasing margins YoY. The company did...YesD0Article72698620612241964765218corphy11966Earnings Reports - TMT33Capital Structure42High Yield8/11/2008 12:07:16 AM150Windstream reported its Q2:08 results, which we believe were very solid. Additionally, management made some comments about leverage and M&A, which we look at in the article.73003162773003Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/72861cs/72861norm Qwest #Q##: Lowering Guidance Qwest reported a largely bad Q#:## results and lowered its guidance for the year, as it expects the pressure on its Mass Markets segment to continue. Mass Markets revenue contributed to the Q# YoY revenue...728611490YesD0Article72698620612241964765218corphy11966Earnings Reports - TMT33Capital Structure42High Yield8/6/2008 11:06:34 PM150Qwest reported a largely bad quarter and lowered its guidance for the year, as it expects the pressure on its Mass Markets segment to continue. We comment on implications.72861Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/72747cs/72747norm Frontier Communications #Q##: Key Takeaways Frontier Communications (formerly Citizens Communications)  reported solid Q#:## results. Despite the "challenging economic environment," management cited positive economic trends, including...hy1727471457YesD0Article72698620612241964765218corp1966Earnings Reports - TMT33Capital Structure42High Yield8/5/2008 11:05:04 PM150Frontier Communications reported its Q2:08 results, and we comment on some of the themes and issues, including management's approach to M&A and leverage.72747Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/72598cs/72598norm Telecom & Suppliers Monthly Summary: August #### We review key themes published in July. We examine the relative value of CDS in the telecom carrier and technology spaces. We summarize our views on companies within our coverage....725981907YesD0Article2146345016412241271223208252070116272631376531751795218489201619649862061corphy12251819303G/Wireless Technology66Earnings Reports - TMT33Capital Structure42High Yield82Telecom & Suppliers Monthly Summary49M&A Activity150We summarize our investment thesis for companies under our coverage. In addition, we summarize and highlight changes and key points in research published in the month of July.8/1/2008 2:05:52 AM72598Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/72584cs/72584norm CenturyTel #Q##: Solid Results CenturyTel reported a solid quarter, especially on the revenue side.  We believe the revenue improvement was partly related to the more favorable access line loss trend in the quarter. After purchasing...725841532YesD0Article22498672619642182061765corp119303G/Wireless Technology33Capital Structure66Earnings Reports - TMT7/31/2008 10:05:51 PM150We provide an overview of CenturyTel's Q2 results.72584Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/72397cs/72397norm Embarq #Q##: A Mixed Quarter Embarq reported Q#:## results, which we believe were largely mixed. The company reaffirmed its telecom access line guidance but lowered its CapEx guidance for the full year due to poor macro conditions. ...723971640YesD0Article72619642061224765986218corp11966Earnings Reports - TMT33Capital Structure7/29/2008 11:07:12 PM150Embarq reported Q2:08 results which we believe were mixed,. We discus the results and management's comments.72397Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/72302cs/72302norm Verizon #Q##: FiOS May Not Be Enough... Verizon reported #Q## results which we believe were, generally speaking, reasonably solid, with solid wireless results and sluggish wireline results. The wireless results were solid by many measures,...723021881YesD0Article223206120162241964726218corp119303G/Wireless Technology33Capital Structure66Earnings Reports - TMT7/29/2008 5:05:04 AM150Verizon reported 2Q08 results which we believe were reasonably solid overall, with solid wireless results and sluggish wireline results. However, while solid, the results point to some of the challenges facing the company.72302Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/72163cs/72163norm Level # Communications #Q##: Positive Free Cash Flow Level # reported its Q# results, which we believe were solid. The greatest achievement was reaching positive free cash flow through both improvement in operating cash flow as well...721631502YesD0Article726127120612241964218corphy11942High Yield33Capital Structure66Earnings Reports - TMT7/24/2008 9:05:51 PM150Level 3 Communications reported its Q2 results, which featured positive free cash flow as the most important positive. We discuss this and other aspects of the results.72163Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/72079cs/72079norm AT&T #Q##: Warning Signs Amid Otherwise Solid Results AT&T reported its Q# results, which were characterized by strong wireless results, improving margins overall, and positive trends in the wholesale wireline business. Taken as a whole,...720792226YesD0Article726206122320162247651964218986corp119303G/Wireless Technology3366Earnings Reports - TMT7/23/2008 11:06:00 PM150AT&T reported Q2:08 results which we believe are positive overall, despite containing several warning signs which we discuss.Capital Structure72079Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/71735cs/71735norm Telecom & Suppliers: CY #Q## Earnings Preview (Part II) In this article, we examine the overall themes and issues for North American wireless and wireline service providers for the upcoming earnings season. More specifically, we discuss...717354640YesD0Article19642016986224223726127176577620617952182119corphy225119303G/Wireless Technology33Capital Structure66Earnings Reports - TMT42High Yield7/16/2008 10:06:00 PM150In this article, we examine the issues and themes of the upcoming earnings for North American wireless and wireline carriers.71735Credit & Investment ResearchCreditSights