BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2020 88 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) 71 26.2 Credit risk, continued Credit Quality Analysis, continued IFRS 9 – 2019 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 *** $ - - 16,597,660 16,597,660 Not rated Barbados Port Inc. - - 5,858,261 5,858,261 Government of Saint Lucia 560,890 - - 560,890 Gross sovereign debt securities 560,890 - 22,455,921 23,016,811 Expected credit losses allowance (35,642) - (662,142) (697,784) Net sovereign debt securities 525,248 - 21,793,779 22,319,027 Interest receivable 210,944 $ 22,529,971 *** 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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