It stands for credit risk spread; a measure of credit default swap (CDS) value sensitivity. It measures the credit sensitivity of a CDS’s value to a one basis point change in its premium (CDS premium or the credit spreads). In other words, it captures the CDS price change for a 1bp shift in the credit par spread.

It may also measure the sensitivity of an investment portfolio per one basis point move in credit spreads.

It is also known as credit spread exposure or CS01 or SDV01.