From ACT Wiki
1. Credit rating.
An issuer of a bond that was formerly investment-grade, that has now fallen to non-investment grade.
An issuer of a share whose price has fallen very sharply from earlier high levels.
- "I followed the turnaround path to Energis, a fallen angel telco, where I had my first line responsibility for treasury."
- Adam Richford FCA FCT, Group Treasurer, Renewi, The Treasurer, August 2018, p17.