Can anyone confirm that this formula is wrong? Should be 1 - not 1 +?

this was discussed before, if that helps

https://www.analystforum.com/t/cds-price-bb27/146381

If you know what the absolute value function is |x|=\left\{\begin{matrix}x&x>0\cr -x&x<0\end{matrix}\right. , what he’s saying is

Price of a CDS =\left\{\begin{matrix}
1- (\textrm{Fixed Coupon-CDS spread}) * \textrm{effective duration}&\textrm{credit spread} > \textrm{fixed coupon}
\cr
1+ (\textrm{Fixed Coupon-CDS spread})*\textrm{effective duration}&\textrm{credit spread}< \textrm{fixed coupon}\end{matrix}\right. ,

or more compactly,

Price of a CDS =1
+\left|\textrm{Fixed Coupon-CDS spread}\right|* \textrm{effective duration}

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