Blackstone CEO Stephen Schwarzman said Fitch Ratings had ample reason to downgrade long-term U.S. debt.
The downgrade from Fitch was the first since Standard and Poor made a similar move in 2011.
Schwarzman agreed with the reasoning behind the Fitch downgrade.
Schwarzman added that the U.S. remains the supplier of the world's reserve currency, which should provide some confidence to investors who might otherwise view the downgrade with concern.
"The U.S. is the U.S. — we are the reserve currency, [and] we do defend a large part of the world, including people who have AAA's," Schwarzman said.
Persons:
Stephen Schwarzman, Fitch, Schwarzman, CNBC's, We've
Organizations:
Blackstone, AAA
Locations:
U.S