Affirmation of the unsolicited credit rating BB+ assigned to Azerbaijan stems from the ongoing process of economic stabilization based on reduced inflation, improvements in real growth, and relatively stable oil prices. The assessment is also supported by the presence of a sovereign fund with assets worth more than 80% of GDP. The assessment is constrained by the economy's high dependency on the oil sector, vulnerabilities in the banking system, and weak governance factors.

Affirmation of the unsolicited credit rating AAA assigned to Germany stems from a strong decline in public debt supported by a tight fiscal rule, relatively low private debt, high current account surpluses, and very strong governance indicators.