According to SFAC 7, Using Cash Flow Information and
Present Value in Accounting Measurements, the most relevant
measurement of an entity’s liabilities at initial recognition and
fresh-start measurements should always reflect

(c) The most relevant measure of a liability always reflects
the credit standing of the entity obligated to pay, according
to SFAC 7. Those who hold the entity’s obligations as assets
incorporate the entity’s credit standing in determining the prices
they are willing to pay.