So if there is a default, the issuer of the credit default swap pays you, and so you gain just as the short seller gains when the price of the stock or bond that he's shorted falls.

从而一旦出现债务违约，信贷违约掉期的发行人将赔偿你，于是你就可以从中获利，正如空头在他看空的股票或债券价格下跌时获利一样。

youdao

The dominant model, in which the bond issuer pays the rater directly, encouraged cosiness between the two.

ECONOMIST: Reforming finance: Rating agencies

Even if the issuer pays back early, the investor will have collected higher payments than with standard bonds.

WSJ: SmartMoney: Watch Out! These Municipal Bonds Come With a Bit of a Kick

Meanwhile, the Dodd-Frank approach does nothing to address the most obvious root causes of damage to the financial system--conflict of interest due to the issuer-pays model and staleness of ratings.

FORBES