The decision by the Moody's credit rating agency late last month to take Illinois off the watch list for a possible downgrade to "junk" credit status was a good news/bad news/painful news event. The good news is that Illinois will avoid becoming the first state to collapse to a "junk" credit rating, at least for the next 18 months. The bad is that one of any three major risk factors still could cause Illinois' ratings to plunge. And the painful is that there is no plausible plan to address the state's crushing debt burden, billions of dollars in unpaid bills and severe pension underfunding.