Actually the RS-232 standard doesn't specify bit rates at all, although it does suggest bit rates above 20,000 aren't supported. I routinely use a baud rate just below 1e6 Baud for a debug port on embedded systems I'm working on. That connects using a FTDI serial to USB cable. It would commonly be called RS-232, even though no part of the system bears any relationship to the RS-232 standard which is all about plugs and signalling levels.

To my way of thinking a serial cable between two devices is essentially the definition of a "connection", although that has become a much abused word in this context, rather like RS-232 actually.