The Key Intuition of a Z-Score Model Like Altman's Is

The key intuition of a Z-score model like Altman's is that:

A) only publicly traded firms can be evaluated.
B) one will be just as well off by guessing on default rates.
C) all corporations will default at least once.
D) financial profiles of bankrupt and non-bankrupt firms are very different one year before bankruptcy.
E) privately traded firms have better financial information which are disclosed to lenders and need not rely on any efficient market notions.