The ratings agency said a prime reason for its cut was the government's recently announced budget, which forecast a deficit of 2.4 percent of gross domestic product (GDP) next year, three times higher than the previous target.
"We fully intend to press ahead with the government but if they continue to see conspiracies at every turn we're not there", Giorgetti said.
"We don't want to have any type of fight, we are not interested in an escalation. market operators will be reassured by constructive dialogue", he said.
"Italy's government debt standing at around 130% of GDP, our preliminary assessment also indicates that Italy's plans would not ensure compliance with the debt criterion benchmark ... which requires a steady reduction of the debt level towards the 60% threshold", the letter said".
"We have so numerous opponents to the outside, which have an interest to have an Italy precarious, knees and slavish (...), that we have a duty to listen to us", said Mr Salvini, while promising that the text would protect them in spite of "millions of Italians hostage to the tax man".
The fiscal plan has spooked European financial markets.
Italy' Conte described the budget as "beautiful".
Asked for comment, a Commission spokesman said that the Commission had expressed its "serious concerns" over the draft budget to the Italian authorities, seeking clarifications by noon on Monday to facilitate an assessment.
EU Commission chief Jean-Claude Juncker said the EU has always been generous with Italy when it comes to assessing its budget, and that EU leaders had already approached him to make sure not to be too flexible on strict deficit and debt levels when combing through the details of Italy's spending plans.
Mr Di Maio said Italy had a chance to prove public debt could be reduced by "investing in social rights" and trigger important changes across Europe.
Kurz said: "If one breaks these rules then this means that Italy is endangering itself but of course also is endangering others beyond that".
Italy last week ignored criticism from Brussels over its controversial budget plan.
Three diplomats told the Reuters news agency that Italy is also resisting European Union proposals to impose sanctions on countries that carry out cyberattacks, in another move seen as being in favour of Moscow.
The populist 5-Star-League government planned a Cabinet meeting to discuss the budget amid claims by the 5-Star leader that unauthorized changes were made to a draft.
Mr Di Maio, who leads the ruling anti-establishment 5-Star Movement, told RAI state television he hoped the explanations Rome would provide "over a long discussion process. could lead the Commission to share the goals we have set".
"A harsh rebuke and the threat of further measures would likely boost the popularity of the populist coalition government", giving Italy's governing parties "an invaluable narrative to use during the campaign for the European elections in May", Piccoli said.