The book does what it says on the cover (which can not be said for all the books that are out there) it shows how to model credit risk using excel and VBA. The authors also go into modeling CDS (Credit Default Swaps) and CDO's (Collateralized Debt Obligations) using Monte Carlo Simulations. Although they authors stress that this is not the purpose of the book I would have appreciated if there was also code in how to price CDO's using Copulas. The book contains all the Excel and VBA files in the DVD disk that accompanies this book and even video files in which the authors show how to write quick and efficient code and how to use some of the excel files. I whole heartedly recommend this book.
This book is great for getting up to speed quickly on such topics as deriving transition matrices from rating data. It is very practical and the VBA should help those who need to implement solutions in the areas covered by the book.