Fallen angel

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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.

Energis turnaround

"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.

See also