The Collaborative International Dictionary of English v.0.48:

minimize \min"i*mize\ (m[i^]n"[i^]*m[imac]z), v. t. [imp. & p.
   p. minimized (m[i^]n"[i^]*m[imac]zd); p. pr. & vb. n.
   minimizing (m[i^]n"[i^]*m[imac]*z[i^]ng).]
   1. To reduce to the smallest part or proportion possible; to
      reduce to a minimum. --Bentham.
      [1913 Webster]

   2. To represent, to oneself or others, as of no importance or
      minimal importance or effect; to belittle or disarage.
      [PJC]