85 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2020 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2020 (Expressed in Barbados dollars) 68 26. Financial Risk Management, continued 26.2 Credit risk, continued Credit Quality Analysis, continued IFRS 9 – 2020 Stage 1 Stage 2 Stage 3 Total Soverign debt securties measured at amortized cost Standards & Poor’s rating: B - Government of Barbados – series B & D bonds *** $ - - 17,303,371 17,303,371 Not rated Barbados Port Inc. 5,050,761 - - 5,050,761 Gross sovereign debt securities 5,050,761 - 17,303,371 22,354,132 Expected credit losses allowance (36,101) - (351,758) (387,859) Net sovereign debt securities 5,014,660 - 16,951,613 21,966,273 Interest receivable 58,250 $ 22,024,523 *** During the financial year ended March 31, 2020, the credit rating of the Government of Barbados series B & D bonds as per Standards and Poor’s was B- (2019 – B-).
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