109 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2022 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Separate Financial Statements For the year ended March 31, 2022 (Expressed in Barbados dollars) 82 23. Financial Risk Management, continued Credit risk, continued Credit Quality Analysis, continued 2021 Stage 1 Stage 2 POCI Total Sovereign debt securities measured at amortised cost Standard & Poor’s rating: B- Government of Barbados – series B & D bonds *** $ - - 14,134,500 14,134,500 Not rated Barbados Port Inc. 9,210,710 - - 9,210,710 Gross sovereign debt securities 9,210,710 - 14,134,500 23,345,210 Expected credit losses allowance (19,539) - - (19,539) Interest receivable 315,916 - 2,310 318,226 Net sovereign debt securities $ 9,507,087 - 14,136,810 23,643,897 *** During the financial year ended March 31, 2022, the credit rating of the Government of Barbados series B & D bonds as per Standard & Poor’s was B- (2021: B-).
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