Separate Annual Report 2021

100 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2021 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Separate Financial Statements For the year ended March 31, 2021 (Expressed in Barbados dollars) 79 23. Financial Risk Management, continued Credit risk, continued Credit Quality Analysis, continued 2020 Stage 1 Stage 2 POCI Total Sovereign debt securities measured at amortized cost Standards & Poor’s rating: B - Government 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-. BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Separate Financial Statements For the year ended March 31, 2021 (Express d in Barbados dollars) 23. Financial Risk Management, continued Credit risk, continued Credit Quality Analysis, continued 2020 Stage 1 Stage 2 Stage 3 Total Term deposits measured at amortized cost Standards & Poor’s rating: Not rated $ 18,167,064 15,344,669 - 33,511,733 Gross term deposits 18,167,064 15,344,669 - 33,511,733 Expected credit losses allowance (32,862) (27,757) (60,619) Interest receivable 163,469 198,670 - 362,139 Net term deposits $ 18,297,671 15,515,582 - 33,813,253