104 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Separate Financial Statements March 31, 2023 (expressed in Barbados dollars) 76 23 Financial risk management …continued 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 *** – – 14,915,552 14,915,552 Not rated Barbados Port Inc. 8,779,119 – – 8,779,119 Gross sovereign debt securities 8,779,119 – 14,915,552 23,694,671 Expected credit losses allowance (6,387) – – (6,387) Interest receivable 1,522 – – 1,522 Net sovereign debt securities 8,774,254 – 14,915,552 23,689,806 *** 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- (stable) (2022: B- (stable)). 2022 Stage 1 $ Stage 2 $ Stage 3 $ Total $ Term deposits measured at amortised cost Standard & Poor’s rating: Not rated 42,593,502 – – 42,593,502 Gross term deposit 42,593,502 – – 42,593,502 Expected credit losses allowance (36,765) – – (36,765) Interest receivable 1,051,788 – – 1,051,788 Net term deposits 43,608,525 – – 43,608,525
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