Consolidated Annual Report 2019
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2019 84 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2019 (Expressed in Barbados dollars) 69 26. Financial Risk Management, continued 26.2 Credit risk, continued Credit Quality Analysis, continued IFRS 9 – 2019 IAS 39- 2018 Stage 1 Stage 2 Stage 3 Total Total Sovereign debt securities measured at amortized cost Standards & Poor’s rating: B - Government of Barbados – series B & D bonds *** $ - - 16,597,660 16,597,660 - CCC Government of Barbados – series B & D bonds - - - - 21,891,830 Not rated Barbados Port Inc. - - 5,858,261 5,858,261 6,920,949 Government of Saint Lucia 560,890 - - 560,890 672,913 Gross sovereign debt securities 560,890 - 22,455,921 23,016,811 29,485,692 Expected credit losses allowance (35,642) - (662,142) (697,784) - Interest receivable - - - 210,944 466,063 Net sovereign debt securities $ 525,248 - 21,793,779 22,529,971 29,951,755 *** During the financial year ended March 31, 2019, the credit rating of the Government of Barbados series B & D bonds as per Standards and Poor’s moved from CCC to as low as SD (selective default). On November 16, 2018, the credit rating improved to B - .
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