(Reuters) - Moody's said Wednesday it was taking ratings actions on 114 financial institutions in 16 European countries to reflect the impact of the continent's debt crisis and the deteriorating creditworthiness of governments in the region.

"Moody's expects that once ratings will fully reflect the effects of currently foreseen adverse credit drivers," the agency said.

Moody's said that for 99 financial institutions, the standalone credit assessments have been placed on review for downgrade. For 109 institutions, the long-term debt and deposit ratings have been placed on review for downgrade.

For 66 institutions, the short-term ratings have been placed on review for downgrade.

(Reporting by Wayne Cole)