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"[Which is] a serious financial risk for any existing or prospective external creditor or supplier," the report warns.
Japan remains a country with external current account surpluses and also is the largest external creditor on earth, and this situation is not expected to change in any material way any time soon.
In 2008, Brazil became a net external creditor and two ratings agencies awarded investment grade status to its debt.
"The country's capacity to absorb shocks is bolstered by its flexible exchange rate, robust international reserves position, a strong net sovereign external creditor position, and deep and developed domestic government debt markets," wrote Shelly Shetty, Fitch's senior director for Latin America.
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That means negotiating debt write-downs with external creditors; worse, it means writing down domestic debt.
Since its independence in 1829, the Greek government has defaulted four times on its external creditors – with striking historical parallels.
Last, the widely held view that domestic residents are strictly junior to external creditors does not find broad support.
As a consequence, China does not need its investment to generate high returns in order to pay back external creditors.
As well as the £121m owed to the trust, the university owes a further £180m to external creditors, including a privately placed bond and loans from Barclays and HSBC.
Eventually, America will need to export more than it imports to pay its external creditors.Still, the growth in global capital flows does call for some rethinking about America's current-account deficits.
"The government needs to do a lot more to gain the full confidence of the Italian people, external creditors and the markets," said Mohamed El-Erian, chief executive of the bond giant Pimco.
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