AT (NYSE: T) has continued on a downward slide. Massive debt levels and the end of a 35-year streak of dividend increases rattled investors, and its dividend yield of 7.7% failed to stem the selling.

However, the stock has attained a low price-to-earnings (P/E) ratio amid a growing customer base. Also, with the stock trading at levels first seen decades ago, it might be time to start adding positions.

Admittedly, investors have good reasons to hesitate about AT The total debt level, which now tops $143 billion, is a tremendous burden despite the company's $116 billion book value. And even if AT allocated its total free cash flow -- which was $5.2 billion in the first half of the year -- to debt repayment, it would barely make a dent in its debt levels.

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Source Fool.com