fallen angels

Fallen angels are angels cast out of heaven for rebellion against God, most famously Satan and his followers.

The concept appears across religious traditions and has spawned extensive mythology.

By extension, fallen angel describes anyone who has lost a position of grace or innocence: She was a fallen angel of the corporate world, once celebrated, now disgraced.

In finance, a fallen angel is a bond that was investment-grade when issued but has since been downgraded to junk status.