114 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2023 (expressed in Barbados dollars) 82 25 Financial Risk Management …continued 25.2 Credit risk …continued Credit Quality Analysis …continued 2022 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 *** – – 19,360,218 19,360,218 Not rated Barbados Port Inc. 8,779,119 – – 8,779,119 Gross sovereign debt securities 8,779,119 – 19,360,218 28,139,337 Expected credit losses allowance (6,387) – – (6,387) Net sovereign debt securities 8,772,732 – 19,360,218 28,132,950 Interest receivable 1,522 28,134,472 *** During the financial year ended March 31, 2023, the credit rating of the Government of Barbados series B & D bonds as per Standard & Poor’s was B- (2022: B-). 2022 Stage 1 $ Stage 2 $ Stage 3 $ Total $ Term deposits measured at amortised cost Internally rated 19,558,107 – – 19,558,107 Gross term deposit Expected credit losses allowance (39,445) – – (39,445) Net term deposits 19,518,662 – – 19,518,662
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