Given a valued field (𝐾, 𝑣) and its completion ( K, 𝑣), we study the set of all possible extensions of 𝑣 to K(𝑋). We show that any such extension is closely connected with the underlying subextension (𝐾(𝑋)|𝐾, 𝑣). The connections between these extensions are studied via minimal pairs, key polynomials, pseudo-Cauchy sequences, and implicit constant fields. As a consequence, we obtain strong ramification theoretic properties of ( K, 𝑣). We also give necessary and sufficient conditions for (𝐾(𝑋), 𝑣) to be dense in ( K(𝑋), 𝑣).