The developing outlook means S&P could either lower the rating on the high-speed wireless provider to 'D' if it fails to make the $237 million payment within a 30-day grace period or raise the rating if it pays up and secures additional funding that it needs to operate, the ratings agency said.
Clearwire, which is majority owned by its biggest customer Sprint Nextel , is seeking almost $1 billion in new financing to fund its operations and upgrade its network.
Even before the downgrade, S&P's previous 'CCC+' rating for Clearwire reflected a risk of bankruptcy.
Clearwire's shares fell as much as 31 percent on Friday after the company's chief executive told the Wall Street Journal that he could opt to skip the Dec. 1 payment.
Analysts said Clearwire, which is negotiating with Sprint to expand their network agreement, may have used the interview as a negotiating tactic to try to convince Sprint to come to a new agreement.
Clearwire shares closed 8 percent higher at $1.59 on Monday.
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