DEFINITION: /Fall•en/ /an•gel/: A bond that was initially given an investment-grade rating but has since been reduced to junk bond status. The downgrade is caused by a deterioration in the financial condition of the issuer.
DEFINITION: /Fall•en/ /an•gel/: A bond that was initially given an investment-grade rating but has since been reduced to junk bond status. The downgrade is caused by a deterioration in the financial condition of the issuer.