Spread Risk

when opting for Interest Rate Cap /Interest Rate Floor why does the CFA reading does not address the spread risk and it only talks about hedging away the reference rate (for eg LIBOR) risk but if the borrower is say for eg AA rated and his cost of borrowing is say LIBOR+ 150 bps then the borrower should buy a cap thats logical but what if the spread moves against the borrower? we can hedge it away by buying an credit spread option but the CFAI doesnt address this risk even though credit spread options are introduced in the CR, how is this complete risk management i fail to understand since your cap protection can be entirely wiped off if the spread increases drastically (worst case scenario) how is it done in US or other developed markets … can anyone share it with me …since in India there is no active OTC market for these types of risk hedging/ or its not well documented since very few indian corporates opt for this type of hedging…