The paper represents a remarkable effort to push outward the limits of static ratio analysis for the purpose of judging commercial loan applications. I found the task of reviewing this paper by Professor Altman and his colleagues from CESA (Center for Management Education) a very useful experience because it gave me an opportunity to reacquaint myself with an area of finance to which I had paid very little attention for some time. Hopefully, these comments are still useful despite my lack of recent experience.