When using log on credentials for a OData feed do the CRM credentials get stored in the workbook itself in Excel

When using log on credentials for a OData feed do the CRM credentials get stored in the workbook itself in Excel
No, the credentials are stored on the user machine not in the file itself.  You could create a Excel spreadsheet with Odata information and send to a another individual, they would have access to the data of course but would not be able to refresh the data or access your CRM login credentials. 

Environment

 Blackbaud CRM
 4.0
 4.0.157.0

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