This column was originally published on RealMoney on Jan. 8 at 8:43 a.m. EST. It's being republished as a bonus for TheStreet.com readers. For more information about subscribing to RealMoney, please click here.

We haven't had a stock with the virtuous circle going for it in a long time. Don't know what that is? It happens when a stock goes higher; as it goes higher, it solves a lot of the balance sheet problems that would otherwise haunt it.

That stock is Level 3 ( LVLT).

I know I have repeated myself often about Level 3. I think I have to, though. The stock is not well-liked, not because of its products or strategy -- I don't know anyone who thinks that ultimately a company that has spare bandwidth and programs to manage the onslaught of online video is a bad buy. Especially when it is run by a seasoned survivor of the telco wars, Jim Crowe.

Why is it so unloved? Simple: The balance sheet is just awful.

How can you cure a balance sheet? Simple: You get the stock higher so the company can issue equity to cure the bad balance sheet. I think that could be the way that Level 3 gets out of the very real jam that could occur as the company's debt schedule matures.

Even without it, as the business does better -- and it seems to be on that way, witness the JP Morgan number bump this morning on the closing of the Broadwing ( BWNG) deal -- watch the bonds. If you own the bonds, you could easily see that this company's free cash flow is going very positive. That gives Level 3 a chance to refinance with a lower coupon, especially when you consider that rates are very low, much lower than when management loaded up the boat with debt.

I urge you to consider this company the way you may have considered Qwest ( Q) just as recently two years ago when its stock was at $3. At that point, many people believed there was no way Richard Notebaert could make any headway against that balance sheet from hell. They were wrong.

The bears -- of which there are plenty -- will be wrong about Level 3, too.

Random musings: The Goldman downgrade on Wal-Mart ( WMT) is very right. There's nothing there; why get excited? What's needed is a management change, plain and simple.

At the time of publication, Cramer was long Goldman Sachs.

Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC. Click here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click here to order his book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here.

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