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 ?
CRISIL has revised the rating outlook on the long-term bank facilities of Dewas Metal Section Ltd (DMSL) to 'Positive' from 'Stable', while reaffirming the rating at 'BB'; the rating on the short-term facilities has been reaffirmed at 'P4+'.
CRISIL has revised its rating outlook on the long-term bank facilities of Kay Jay Forgings Pvt Ltd (Kay Jay) to 'Positive' from 'Stable', while reaffirming the rating at 'BBB'; the rating on the company's short-term facilities has also been reaffirmed, at 'P3+'.
CRISIL has revised its rating outlook on the long-term bank facilities of Tamboli Castings Ltd (TCL) to 'Stable' from 'Negative', while reaffirming the rating at 'BBB'.
CRISIL has revised its rating outlook on the long-term bank facilities of Supreme Heatreaters Pvt Ltd (SHPL) to 'Stable' from 'Negative', while reaffirming the rating at 'B'; the rating on the short-term facility has been reaffirmed at 'P4'.
CRISIL has revised its rating outlook on the long-term bank facilities of Murlidhar Ratanlal Exports Ltd (MREL; part of the MR group) to 'Negative' from 'Stable', while reaffirming the rating at 'BBB-'; the rating on the short-term facilities has been reaffirmed at 'P3'.
CRISIL has revised its rating outlook on Diamond Engineering (Chennai) Pvt Ltd (Diamond Engineering) bank loan facilities to 'Stable' from 'Negative', while reaffirming the rating at 'BBB-'; the rating on the short-term facilities has been reaffirmed at 'P3'.
CRISIL has revised its rating outlook on the long-term bank facilities of Mohit Paper Mills Ltd (MPML) to 'Negative' from 'Stable', while reaffirming the rating at 'BBB-'; the rating on the company's short-term facilities has also been reaffirmed, at 'P3'.