Source : Webster's Revised Unabridged Dictionary (1913)

Depreciative \De*pre"ci*a`tive\, a.
   Tending, or intended, to depreciate; expressing depreciation;
   undervaluing. -- {De*pre"ci*a`tive*ly}, adv.

Source : WordNet®

depreciative
     adj 1: tending to decrease or cause a decrease in value; "a
            depreciating currency"; "depreciatory effects on
            prices" [syn: {depreciating}, {depreciatory}]
     2: tending to diminish or disparage; "belittling comments";
        "managed a deprecating smile at the compliment";
        "deprecatory remarks about the book"; "a slighting remark"
        [syn: {belittling}, {deprecating}, {deprecative}, {deprecatory},
         {depreciatory}, {slighting}]