BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2020 80 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Non-consolidated Financial Statements For the year ended March 31, 2020 (Expressed in Barbados dollars) 63 23. Financial Risk Management, continued 23.2 Credit risk, continued Credit Quality Analysis, continued IFRS 9 – 2020 Stage 1 Stage 2 Stage 3 Total Sovereign debt securities measured at amortized cost Standards & Poor’s rating: BGovernment of Barbados – series B & D bonds *** $ - - 13,458,342 13,458,342 Not rated Barbados Port Inc. 5,050,761 - - 5,050,761 Gross sovereign debt securities 5,050,761 - 13,458,342 18,509,103 Expected credit losses allowance (36,101) - (288,440) (324,541) Interest receivable 49,182 - 2,328 51,510 Net sovereign debt securities $ 5,063,842 13,172,230 18,236,072 *** 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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