down·play

[doun-pley]
verb (used with object)
to treat or speak of (something) so as to reduce emphasis on its importance, value, strength, etc.: The press has downplayed the president's role in the negotiations.

Origin:
1950–55; down1 + play, from verb phrase play down

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World English Dictionary
downplay (ˈdaʊnˌpleɪ) [Click for IPA pronunciation guide]
 
vb
(tr) to play down; make little of

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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00:10
Downplay is one of our favorite verbs.
So is subtilize. Does it mean:
to introduce subtleties into or argue subtly about.
to bark; yelp.
Etymonline
Word Origin & History

downplay
de-emphasize, 1968, from down (adv.) + play (v.).
Online Etymology Dictionary, © 2010 Douglas Harper
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Example sentences
It will be something that right-wing news outlets will either downplay or
  credit to the last president.
Lester, not unexpectedly, tried to downplay the practice.
We often downplay the importance of ceremony and ritual in university life.
None of which is meant to downplay the results of tonight's caucuses.
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