Fitch Ratings has affirmed Azerbaijan's Long-Term Issuer Default Ratings (IDR) at 'BBB-' with a Stable Outlook.  The ratings are supported by Azerbaijan's very strong external balance sheet, the lowest public debt in its peer group, and financing flexibility from large sovereign wealth fund assets. Set against these factors are relatively weak governance indicators and economic policy framework, heavy dependence on hydrocarbons, and geopolitical risks.