Angel Bond

A slang term for investment-grade bonds. This is the opposite of fallen angels, which are bonds that have a 'junk' rating.

An investment-grade bond is rated at minimum as BBB by the S&P and Fitch, and Baa by Moody's. If the company's ability to pay back the bond's principal is reduced, the bond rating may fall below investment-grade minimums, and thereby become a fallen angel.