The author developed a three-factor term structure model for defaultable instruments as a Ph.D. thesis, which was released as a book. This  second edition adds contextual information about credit risk modeling—credit transition matrices, intensity models, structural models, recovery risk, etc. That contextual information is quite in-depth but covered too rapidly to be an introduction. For more experienced readers, it can be an excellent summary of current research and the literature. Most people who read this book will do so for the author's three-factor model, which consumes about a third of the book ...