EXHIBIT 12.01

Ambac Financial Group, Inc.

Ratio of Earnings to Fixed Charges

(In thousands, except ratios)



|                                          |  |                          |         |   |      |   |         |      |  |    |           |   |  |      |           |   |  |   |           | 
|----------------------------------------- |  | ------------------------ | ------- | - | ---- | - | ------- | ---- |  | -- | --------- | - |  | ---- | --------- | - |  | - | --------- | 
|                                          |  | Years Ended December 31, |        
|                                          |  | 2010                     |         |   | 2009 |   |         | 2008 |  |    | 2007      |   |  | 2006 |          
|Earnings:                                 |  |                          |         |   |      |   |         |      |  |    |           |   |  |      |           |   |  |   |           | 
|Pre-tax income from continuing operations |  | ($                       | 753,001 | ) |      | $ | 724,905 |      |  | ($ | 5,618,343 | ) |  | ($   | 5,154,749 | ) |  | $ | 1,210,213 | 
|Interest expense                          |  |                          | 102,278 |   |      |   | 119,626 |      |  |    | 114,226   |   |  |      | 85,740    |   |  |   | 75,294    | 
|Portion of rentals deemed to be           |  |                          |         |   |      |   |         |      |  |    |           |   |  |      |           |   |  |   |           | 
|interest                                  |  |                          | 3,324   |   |      |   | 3,366   |      |  |    | 3,286     |   |  |      | 3,297     |   |  |   | 3,322     | 
|                                          |  |                          |         |   |      |   |         |      |  |    |           |   |  |      |           |   |  |   |           | 
|Earnings                                  |  | ($                       | 647,399 | ) |      | $ | 847,897 |      |  | ($ | 5,500,831 | ) |  | ($   | 5,065,712 | ) |  | $ | 1,288,829 | 
|                                          |  |                          |         |   |      |   |         |      |  |    |           |   |  |      |           |   |  |   |           | 
|                                          |  |                          |         |   |     
|Fixed Charges:                            |  |                          |         |   |      |   |         |      |  |    |           |   |  |      |           |   |  |   |           | 
|                                          |  |                          |         |   |     
|Interest Expense                          |  | $                        | 102,278 |   |      | $ | 119,626 |      |  | $  | 114,226   |   |  | $    | 85,740    |   |  | $ | 75,294    | 
|Portion of rentals deemed to be           |  |                          |         |   |      |   |         |      |  |    |           |   |  |      |           |   |  |   |           | 
|interest                                  |  |                          | 3,324   |   |      |   | 3,366   |      |  |    | 3,286     |   |  |      | 3,297     |   |  |   | 3,322     | 
|                                          |  |                          |         |   |      |   |         |      |  |    |           |   |  |      |           |   |  |   |           | 
|Fixed Charges                             |  | $                        | 105,602 |   |      | $ | 122,992 |      |  | $  | 117,512   |   |  | $    | 89,037    |   |  | $ | 78,616    | 
|                                          |  |                          |         |   |      |   |         |      |  |    |           |   |  |      |           |   |  |   |           | 
|Ratio of earnings to fixed charges        |  |                          | -6.1    |   |      |   | 6.9     |      |  |    | -46.8     |   |  |      | -56.9     |   |  |   | 16.4      |