Fitch Ratings said yesterday that based on its subprime mortgage holdings, it was putting the ratings of Security Capital Assurance Ltd. on rating watch negative with its subsidiaries

XL Capital hold 46.1 percent of SCA .

Bear, Stearns & Company Inc. said the Fitch finding that SCA needs to come up with $2 billion in additional capital means difficult choices for XL management and not much upside for investors.

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