Bear Stearns Cos. Inc. is not currently planning to bail out a second hedge fund that has suffered big losses, a source close to the matter said on Tuesday.

Bear Stearns said on Friday that it was offering up to $3.2 billion in financing to a hedge fund it manages that was hit by rising subprime mortgage defaults.

Merrill Lynch analyst Guy Moszkowski said on Monday that he thought Bear Stearns may have to bail out a second Bear-managed fund, the High-Grade Structured Credit Strategies Enhanced Leverage Fund, which was down around 23 percent through the first four months of the year.

But Bear does not plan a bail-out for that second fund at this juncture, a source said. Bear Stearns declined to comment.