Is a fully collateralized interest rate swap considered free of counterparty credit risk? Or close to risk free? Therefore discounted by the rate that best proxies the risk-free rate (which is the OIS-rate)? And then you have the fair value, no more adjustments?
For a swap that is not collateralized, or not fully collateralized, the practice is to derive the risk-free value by OIS-discounting, and then perform any applicable value adjustments (CVA, DVA, FVA)?
Or is practice divided on uncollateralized swaps? Do some people adjust for credit risk directly, by using a discount rate other than OIS?