Longman Dictionary of Contemporary English homepage

understatement

noun
     
un‧der‧state‧ment
1 [countable] a statement that is not strong enough to express how good, bad, impressive etc something really is:
To say the movie was bad is an understatement.
'It wasn't very easy to find the house.' 'That's got to be the understatement of the year!'
2 [uncountable] the practice of making something seem to have less of a particular quality than it really has
with understatement
'We have not done quite well enough,' Macmillan said, with characteristic understatement.

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