Rating agencies have further downgraded the credit rating of troubled Chinese housing giant Evergrande after the company disclosed the full extent of its financial problems. An expert has warned that a default could send shocks through the country’s property and banking industry. On Sept. 15, U.S. rating agency S&P further downgraded Evergrande from “CCC” to “CC” with a negative outlook, citing reduced liquidity and default risks, including the possibility of the company undergoing debt restructuring. The downgrade comes two days after Evergrande released a statement in Mandarin saying growing speculation about its impending bankruptcy was “completely untrue,” but conceded it had “indeed encountered unprecedented difficulties at present.” Another rating agency, Fitch, published an update on Sept. 14 warning that if Evergrande defaulted it could expose numerous industries to heightened credit risk. However, the overall impact on the banking sector would be manageable, it said. Fitch downgraded the company’s rating to “CC” from “CCC+” on …