15 Z-score Models An analyst may argue that Carillion was a special case because so much of its business was with the British government. Given its importance to UK industry, the ratios should not have been taken literally because it was ‘too big to fail’. Critically assess this argument, and discuss why you think it may or may not be valid. Which variables do you perceive to be most important for Carillion? Which ones do you think are less relevant? Explain your answer. Refer to Real World Insight 29.2 in your answer.