Measuring the "health" of Italian SMEs with insolvency prediction models Z '-ScoreM and D-Score. The study comes from the study of probability of Default began in 2007 and that continues to this day. In particular, this analysis is taken up with the study of the Rating and credit and liquidity risk during the PhD. the main objective will be to locate a model based on trusted variables for locating the State of health and level of risk of SMEs. Several studies have analyzed the probability of failure of large companies, listed companies or emerging markets, other studies have attempted to create a useful dashboard to the analysis of core indicators to be kept under observation, but still did not create a quantitative indicator of business health suited to Italian SMEs.