Azerbaijan’s sovereign rating was affirmed by Fitch, citing a strong external balance sheet and low debt, but flagged weak governance and oil dependence. SOFAZ assets are expected to stabilize around USD 62 bln (79.3% of GDP), while current account surpluses may fall to 5.3% of GDP in 2025 and 4.9% in 2026. Fiscal deficits are projected due to Karabakh reconstruction costs and lower oil prices.