Dan Rasmussen and Greg Obenshain discuss what is the biggest factor in determining corporate credit rates. In short, they agree that market efficiency plays a huge role in determining corporate credit rates. They agree it is interesting that yield is deemphasized, but what actually matters is if the credit is getting better or worse. They agree that the area with the highest potential for upgrades is just below triple b. The conclude by going back to shale, which they discussed back in the previous chapter.