118 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2024 (expressed in Barbados dollars) 78 25 Financial Risk Management …continued 25.2 Credit risk …continued Credit Quality Analysis…continued 2023 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 *** – – 18,987,939 18,987,939 Not rated Barbados Port Inc. 6,986,992 – – 6,986,992 Gross sovereign debt securities 6,986,992 – 18,987,939 25,974,931 Expected credit losses allowance (3,147) – – (3,147) Net sovereign debt securities 6,983,845 – 18,987,939 25,971,784 Interest receivable 5,163 25,976,947 *** During the financial year ended March 31, 2024, the credit rating of the Government of Barbados series B & D bonds as per Standard & Poor’s was B- (2023: B-). 2024 Stage 1 $ Stage 2 $ Stage 3 $ Total $ Term deposits measured at amortised cost Internally rated 20,291,821 – – 20,291,821 Gross term deposit 20,291,821 20,291,821 Expected credit losses allowance (80,635) – – (80,635) Net term deposits 20,211,186 – – 20,211,186
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