Quote Originally Posted by Geezer57
I'm going from memory based on old foum posts, but it definitely seems to work this way in my games: valor/morale is tracked by the individual fighting man, but armor/weapon upgrades are tracked by the unit. When an upgraded (but depleted) unit is retrained in a province with only the basic build structures, the unit retains its armor/weapon upgrades, but any valor or morale upgrades from combat or the original build province are not given to the "raw" recruits that replace the veteran casualties.

For example: a valor 3 unit of FMAA is worn down to twenty men (from 60), then retrained in a "basic" province back to full strength. The veterans in the unit will retain their 3 valor, but the new troops will be zero valor, so the unit average will probably factor out somewhere near 1. Any weapon/armor upgrades are retained.

Yep, that is correct.