Sauron was Maya, not man wraith like the Nazgul, so therefore he would not have the same fears as the Nazgul in these regards, and their fear of them is mostly because fire scattered their vision at night (not to mention burning their cloaks) and water is controlled by Ulmo (or at least his Mayar helpers) who had not forsaken Middle earth and still worked in its favor, they would fear their power. The rings themselves, in my opinion, based more directly on the vala than any others as water is Ulmo's element (actually vai, but that's okay) and air is Manwe's element (vilya and nenya) and the third (narya) was for fire, much parallel to the secret fire that Lluvatar put into his creations, so Narya was more closely related to Lluvatar, perhaps.
musings of a fool!
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