FleetBoston Financial Corp.'s Ark CLO I, a first-of-its-kind all distressed debt collateralized loan obligation, continues turning heads in all different sectors of the financial markets, according to ratings agency sources, and the banks involved.

Standard & Poor's Ratings Services has been approached by a combination of players: be it other large banks looking to shed exposure, distressed debt fund managers, hedge funds, or general, happy-go-lucky arbitrage opportunists.

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