According to AFP, Japan's Nikkei 225 index opened 0.15 percent lower and Shanghai shares dropped 0.17 percent.

Shares in Hong Kong and Sydney were also lower and fell 0.03 and 0.86 percents respectively. Seoul's benchmark index also lost 0.25 percent in morning trade.

This came after Moody's slashed the credit ratings of Italy, Spain, Portugal, Slovenia, Slovakia and Malta over the ongoing eurozone debt crisis. The rating agency also put Britain, France and Australia on negative outlook.

Monday's credit downgrades follow similar European rating cuts by Fitch and Standard & Poor's. The downgrades came amid efforts to prevent Greece from a chaotic default on its huge debt.

European finance ministers will meet Wednesday in Brussels to make a decision about giving a rescue package to debt-hit Greece.