Gaming bonds offer stronger protections than their counterparts in the non-financial industry, according to Moody's Investor Service.

Moody's examined 17 high-yield bonds that 15 gaming companies issued between January 2011 and July 2012. Two of the top three were tribal offerings -- the Mohegan Tribal Gaming Authority for the Mohegan Tribe and the Downstream Development Authority for the Quapaw Tribe.

"The covenants of high-yield gaming company bonds are strongest in terms of minimizing cash leakage through restricted payments, preventing structural and lien subordination and limiting the amount of debt an issuer can take on," Moody's Senior Vice President Keith Foley said in a press release.

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Moody's: Gaming company high yield bonds offer investors increased protection (The  Las Vegas Review-Journal 10/9)