Reaffirmation

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Reaffirmation

An agreement in which a borrower agrees to continue to be obliged to repay a debt, even if it otherwise would be discharged in bankruptcy. The reaffirmation must be signed before the debt is discharged. It is often used if a debtor wishes to maintain ownership of an asset, such as a car, that secures the reaffirmed debt.
References in periodicals archive ?
DCR) reaffirmed the debt ratings of CIGNA Corporation (NYSE: CI) as follows: senior debt at 'A' (Single-A), subordinated debt at 'A-' (Single-A-Minus) and commercial paper at 'D-1' (D-One).
DCR) has reaffirmed the debt ratings for National City Corporation (NCC) and its subsidiaries.
DCR) has reaffirmed the debt ratings for NationsBank Corporation and its subsidiaries and placed the ratings of Barnett Banks, Inc.