“…Since then, many researchers have adopted the same methodology (Altman, Danovi, & Falini, 2013;Altman & Lavallee, 1981;Atiya, 2001;Edmister, 1972;Gadhoum et al, 2007). Many recent studies focusing on credit risk measurement have employed the Z-score model (Cultrera, Croquet, & Jospin, 2017;Ko, Fujita, & Li, 2017;Moalla & Abelaziz, 2015). In his seminal model, Altman suggest that it is the profitability, liquidity and solvency ratios that represent the most significant indicators for predicting the failure of a company.…”