The fall of MF Global has claimed another victim — this time it’s the credit rating of CME Group.

Ratings agency Standard and Poor’s cut its long-term issuer credit rating on CME Group[ CME 258.54  -1.57 (-0.60%) ] to AA- from AA with a “negative” rating.

In a press release, risks associated with the fall of MF Global were highlighted including funds dedicated towards restoring confidence in the futures markets.

Other risk factors of note included the CME’s growing over-the-counter clearing business and also, its margining techniques in other businesses, including credit default swaps .

The funds referenced include the recently created $100 million "Farmer Fund" and also, the $550 million guarantee designed to help the Securities Investor Protection Corp (SIPC) trustee get money back to MF Global clients.

Standard & Poor's credit analyst Charles Rauch writes:

"The potential financial impact of the MF Global guarantee and the Farmers Fund likely will not be a rating issue. But we believe that the ramifications of CME Group's support of its clearing members' customers expand the firm's long-standing mandate of guaranteeing trades among its clearing members."

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