FAYETTEVILLE, Ark. (KNWA/KFTA) — The United States’ credit rating has been downgraded.

The rating agency Fitch downgraded the U.S. government’s top credit rating on August 2 from AAA to AA+.

Fitch says the worsening political polarization around spending and tax policy are key reasons for the downgrade.

University of Arkansas economist Jeff Cooperstein says he doesn’t think there will be much of an impact on the financial market.

“I think the impact is going to be negligible,” Cooperstien said. “I think that the global market for U.S. debt remains strong. We are still the United States of America. Our debt is safe.”

Cooperstein says there’s no need for you to panic. He says if there is an impact, it’ll most likely be short-lived.