The process whreby a portfolio manager buys credit protection on one reference asset or pool of assets, and simultaneously sells protection on another asset or pool of assets, provided that a given pool is contentrated in one economic sector, like technology, utility, etc. The effect of the credit switch is supposed to be cash flow neutral, i.e., the cash flows relating to the switch will be zero. However, the transaction will help to diversify the credit exposure of the portfolio so that more or less exposure to a specific sector (with the portfolio) can be acquired.