The article explores how to estimate the likelihood of companies in Colombia defaulting on their debts. By using money market data, the researchers calculated the implied probabilities of default for various financial firms. They found that some firms are more likely to default than others, especially those without access to emergency funding. The method used in the study provides a way to predict future default rates even without stock market information. However, there are some limitations to the results, such as factors other than credit risk affecting the data. Overall, this approach can help financial authorities make better decisions about regulating companies in the absence of stock market data.