This paper analyzes the dependence pattern of net debts inflows on the sovereign debts rating and the fiscal balance, on accounting for the productivity growth rate. The cross-section evidence on a sample of 149 economies for the period from 1990 to 2019 uncovers that a higher sovereign debts rating, a lower fiscal balance or a higher productivity growth is associated with more net debts inflows. Thus, the debts flows are underlined by the store of wealth accumulation across economies. Moreover, there exists a nonlinearity on the pattern of debts flows, for which the fiscal balance determines the impact of sovereign debts rating on the net debts inflows. The results are robust for panel data regression as well as case study of three economies including Japan, Thailand and Vietnam.