[1] : The Collaborative International Dictionary of English v.0.48

understate \un`derstate"\, v. t.
   to state or represent less strongly than may be done
   truthfully.
   1913 webster

[2] : WordNet (r) 2.0

understate
     v : represent as less significant or important syn: minimize,
          minimise, downplay ant: overstate
see also:
minimize minimise downplay overstate 

[3] : 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

Understate >> U Words
Understate, definition of term: Understate
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