The decision by the Fitch Ratings was not a surprise to many because of the country's deteriorating fiscal health and governance standards. However, many see it as an attempt by Fitch to protect its own interests at the expense of the U.S. economy. Palihapitiya believes that this is unlikely because S&P Global Ratings had already downgraded the US rating 13 years ago, suggesting that Fitch is either late to the game or reacting out of nerves given all the uncertainty around the US economy right now.