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It's no worse than the last exercise.

这并不比上次的练习糟。《牛津高阶英汉双解词典》p994

此种译法对吗？

1. No+比较级＋than 表示两者都不……

This novel is no more interesting than that one. 这本书和那本书都很没意思。

English is no easier for me to learn than Maths. 对我来说，英语和数学学起来都不容易。

2. Not + 比较级＋than 则表示前者不如后者

This novel is not more interesting than that one.这本小说没有那本有趣。

English is not easier for me to learn than Maths.对我来说，英语没有数学好学。

所以：It's no worse than the last exercise.

应该译为：它跟上次的练习同样好。（它和上次练习都不差。）

特别注意：

no less than +数字，含有言其多的意思，但是数量一般是确切的，可译为：多达、至少

The guide contains details of no less than 115 hiking routes.

这本导游指南包括多达115条徒步旅行路线的详细介绍。

Briefly, no less than nine of our agents have passed information to us.

总而言之，至少有9名特工向我们传递了情报。

No less than 35 per cent of the country is protected in the form of parks and nature sanctuaries

该国多达35%的地区以公园和自然保护区的形式受到保护。

no more than+数字，含有言其少的意思，但是数量一般是确切的，可译为：仅仅、才，只

There is room for no more than three cars.

这地方只能停放三辆车。

The company employs no more than a couple of dozen people.

这个公司顶多雇用了几十个人。

The villages are no more than a mile apart as the crow flies.

这些村庄直线距离相隔仅仅一英里。

最后祝大家学好玩好：All work and no play makes Jack a dull boy.

只工作不玩耍，聪明孩子也变傻。