understate

from WordNet (r) 3.0 (2006)

understate
    v 1: represent as less significant or important [syn:
         {understate}, {minimize}, {minimise}, {downplay}] [ant:
         {amplify}, {exaggerate}, {hyperbolise}, {hyperbolize},
         {magnify}, {overdraw}, {overstate}]

from The Collaborative International Dictionary of English v.0.48

Understate \Un`der*state"\, v. t.
   To state or represent less strongly than may be done
   truthfully.
   [1913 Webster]

from Moby Thesaurus II by Grady Ward, 1.0

39 Moby Thesaurus words for "understate":
      belie, burlesque, camouflage, caricature, color, disguise, distort,
      dress up, embellish, embroider, exaggerate, falsify, fudge, garble,
      gild, gloss, gloss over, mask, miscite, miscolor, misquote,
      misreport, misrepresent, misstate, misteach, overdraw, overstate,
      parody, pervert, slant, strain, titivate, travesty, trick out,
      twist, varnish, warp, whitewash, wrench

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