Credit Exposure having, credit, return, interest, protection

RoastBeef

I am having some difficulties understanding how the protection seller bears the credit risk when interest rates rise in a total return swap. Is not he the receiver of total return swap and the return goes down when rates rise? thx

pennyless

Any response??? Its stated on book 5, P266 bottom section

bodhisattva

seller recieve total return paying floating
when interest rise paying increase but total return decrease
they bear credit risk and interesr rate risk