The downgrade of Greece to junk status by Moody's Investors Service this week highlighted once again how actions of credit ratings agencies are becoming almost useless to investors. Nevertheless, ratings firms may escape any major changes to their business as financial reform is currently being discussed.

Greece has been trading as a junk credit for a couple of months, despite the 110 billion euros rescue package provided a month ago. As a result, Moody's downgrade is only confirming what market participants have long anticipated.

Corporate banking professionals are less pessimistic about Greece's financial condition than investors are, according to surveys by Bloomberg and by our editorial partner, the Benche, a website sponsored by the Swedish bank, SEB.

According to the Benche, half of its registered members, who work primarily in corporate banking, say Greece will fail to make timely payments of interest and principal on its debt.

Large French and German banks appear to be the largest creditors to Greece and therefore stand to benefit the most from the 110 billion euros rescue package to Greece, at least indirectly since Greece won't default on its debt.

French financial institutions have the largest exposure in the world to Greek debt, holding about 50 billion euros of Greek debt, both from the private and public sectors.