BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2020 83 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) 66 23.2 Credit risk, continued Credit Quality Analysis, continued IFRS 9 – 2019 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 *** $ - - 14,063,342 14,063,342 Not rated Barbados Port Inc. - 5,858,261 - 5,858,261 Gross sovereign debt securities - 5,858,261 14,063,342 19,921,603 Expected credit losses allowance - (24,585) (539,678) (564,263) Interest receivable - - 210,815 210,815 Net sovereign debt securities $ - 5,833,676 13,734,479 19,568,155 *** 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).
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