Markets hit the skids on Wednesday after Fitch Ratings downgraded its rating on U.S. debt to AA+ on Tuesday evening — one notch below the agency's highest rating of AAA. "The repeated debt-limit political standoffs and last-minute resolutions have eroded confidence in fiscal management," the rating firm said in a press release. In historical context, though, this week's downgrade is less of a big deal than it seems, experts say. the rating agency dinged Uncle Sam's once perfect credit rating. "In some ways, the S&P downgrade echoes the current downgrade from Fitch," Sam Millette, fixed income strategist for the Commonwealth Financial Network, wrote in a recent note.

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Persons: Fitch, Ryan Detrick, — Fitch, —, Bonds, Uncle Sam's, Jon Maier, hasn't, Sam Millette, Maier Organizations: Fitch, AAA, Nasdaq, Dow, Carson Group, Moody's, Global, Commonwealth Financial Network Locations: Washington, creditworthiness, Fitch