The sovereign’s lengthy debt restructuring is increasing risks of default among corporations. The latter face one of the fiercest crises in decades stemming from economic strains in 2019 and 2018, while the government’s delay in reaching an agreement with bondholders has prevented many issuers from refinancing their obligations. Still, YPF S.A. and Telecom Personal S.A. may illustrate that creditworthy companies could perform liability management despite the sovereign's woes. The two entities announced $1 billion in credit-friendly debt exchanges of their 2021 bonds for amortizing bonds maturing in 2025. But other companies may not have that luck and are avidly looking for options.