What are good ways of measuring stressed credit risk specifically?
I know usually we just "stress" all market conditions, but are there credit-risk specific things we can do?
Or is it just a matter of bumping the spread on top of yield curves when valuating our instruments, or e.g. increasing the probability of default by a fixed amount?
I am interested in traded credit risk, e.g. bond issuers, derivative counterparties, etc.