While I agree, St. Peter was not the foundation of the the Church, what he confessed was "You are the Christ, the Son of the living God".
Historically, Peter held a high place in the Church of the first century; almost certainly a Bishop; maybe even the Supreme Bishop in his time (Pope in it's original meaning; maybe). Regarding the Reformation; proto-reformers such as Waldo and Hus and St. Francis never sought to depart from the Church catholic. St. Francis (looking from the outside in) may have done more damage to the Catholic Church than either Waldo and Hus could ever have done. The Church Catholic has shown a diverse response to reform: The Orthodox generally view the Catholic Church in the same way as Catholics view Lutherans as heterodox and heretical; being mindful that it was the CC that left the Orthodox; being equally mindful that the CC left the Lutherans who only sought fellowship and reconciliation (see the Augsburg Confession, the Refutation. and the explanation of the Augsburg Confession (aka the Apology)).
It's worth noting that many of the so called "heretical innovations" of the Lutherans have since found their way into the theology and practice of the CC, and such may indeed be why they don't recognize the reformation, as they continually reform themselves. More recently, liberal reforms far more radical than what would be accepted in the Confessional Lutheran Churches have found their way into the CC; but those are topics for other threads.
