Usually means: Bond downgraded from investment grade.
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We found 14 dictionaries that define the word fallen angel:

General (6 matching dictionaries)
  1. fallen angel: Oxford Learner's Dictionaries
  2. fallen angel: The Word Spy
  3. fallen angel: Wiktionary
  4. fallen angel: Dictionary.com
  5. Fallen Angel (British TV series), Fallen Angel (King Crimson song), Fallen Angel (Poison song), Fallen Angel (Rogue song), Fallen Angel (The X-Files), Fallen Angel (Three Days Grace song), Fallen Angel (Traci Lords song), Fallen Angel (UK TV series), Fallen Angel (Uriah Heep album), Fallen Angel (cocktail), Fallen Angel (comics), Fallen angel (disambiguation), Fallen angel, The Fallen Angel (Daniel Silva novel), The Fallen Angel (Silva novel), The Fallen Angel (novel): Wikipedia, the Free Encyclopedia
  6. fallen angel: Longman Dictionary of Contemporary English

Business (6 matching dictionaries)
  1. INVESTORWORDS (No longer online)
  2. fallen angel: Finance-Glossary.com
  3. Fallen Angel: Investopedia
  4. Fallen angel (disambiguation), Fallen angel: Financial dictionary
  5. BusinessDictionary.com (No longer online)
  6. Yahoo Tax Center Glossary (No longer online)

Slang (2 matching dictionaries)
  1. fallen angel: Green’s Dictionary of Slang
  2. fallen angel: Urban Dictionary

Definitions from Wiktionary (fallen angel)

noun:  (Christianity, Islam) An angel who rebelled against God and was exiled from heaven.
noun:  A (usually attractive) person, usually a woman, who has become deprived of money, status or morals.
noun:  (finance) A bond that has declined in value due to credit deterioration to become a junk bond.

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