"From this point on, whoever says we need a different amount should say in which entity," she added.
The finance minister agreed however that more should be done to control spending by semi-autonomous regional governments.
"Yes, we do have to make greater efforts to control the [public] deficit and this has to be done in particular by the regional governments under our supervision," she said.
The cut in the rating - to Aa2 from Aa1 - drove the euro to session lows against the dollar, and the premium investors charge for Spanish 10-year debt instead of German Bunds widened nine basis points on the day to 232 bps.
"This is clearly negative. I'm not sure up to what point, but it will certainly impact the banks. Obviously the direct consequence is that it will be harder and more expensive [for banks] to access financing," said Juan Rodriguez Rey, an analyst at Banco Sabadell.
Moody's also noted that nine of the country's 17 autonomous regions breached budget deficit targets.
"This casts doubts over the ability of the central government to exercise sufficient control over the regions to ensure compliance with deficit targets," it said.
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