So-called fallen angels differ from junk bonds in that

So-called fallen angels differ from junk bonds in that
A) junk bonds have ratings below Baa, whereas fallen angels have ratings below C.
B) junk bonds refer to newly issued bonds with low credit ratings, whereas fallen angels refer to previously issued bonds that have had their credit ratings fall below Baa.
C) junk bonds refer to previously issued bonds that have had their credit ratings fall below Baa, whereas fallen angels refer to newly issued bonds with low credit ratings.
D) fallen angels have ratings below Baa, whereas junk bonds have ratings below C.