EXHIBIT 12.01

Ambac Financial Group, Inc.

Ratio of Earnings to Fixed Charges

(In thousands, except ratios)



|                                          |  |                          |            |   |      |   |            |      |  |      |           |      |   |           |  |   |          
|----------------------------------------- |  | ------------------------ | ---------- | - | ---- | - | ---------- | ---- |  | ---- | --------- | ---- | - | --------- |  | - | ---------
|                                          |  | Years Ended December 31,
|                                          |  | 2008                     |            |   | 2007 |   |            | 2006 |  | 2005 |           | 2004
|Earnings:                                 |  |                          |            |   |      |   |            |      |  |      |           |      |   |           |  |   |          
|                                          |  |                          |            |   |     
|Pre-tax income from continuing operations |  | $                        | (5,618,455 | ) |      | $ | (5,146,916 | )    |  | $    | 1,210,213 |      | $ | 1,022,764 |  | $ | 976,782  
|Interest expense                          |  |                          | 114,226    |   |      |   | 85,740     |      |  |      | 75,294    |      |   | 55,896    |  |   | 54,322   
|Portion of rentals deemed to be interest  |  |                          | 3,286      |   |      |   | 3,297      |      |  |      | 3,322     |      |   | 3,339     |  |   | 2,836    
|                                          |  |                          |            |   |      |   |            |      |  |      |           |      |   |           |  |   |          
|Earnings                                  |  | $                        | (5,500,943 | ) |      | $ | (5,057,879 | )    |  | $    | 1,288,829 |      | $ | 1,081,999 |  | $ | 1,033,940
|                                          |  |                          |            |   |      |   |            |      |  |      |           |      |   |           |  |   |          
|                                          |  |                          |            |   |     
|Fixed Charges:                            |  |                          |            |   |      |   |            |      |  |      |           |      |   |           |  |   |          
|                                          |  |                          |            |   |     
|Interest Expense                          |  | $                        | 114,226    |   |      | $ | 85,740     |      |  | $    | 75,294    |      | $ | 55,896    |  | $ | 54,322   
|Portion of rentals deemed to be interest  |  |                          | 3,286      |   |      |   | 3,297      |      |  |      | 3,322     |      |   | 3,339     |  |   | 2,836    
|                                          |  |                          |            |   |      |   |            |      |  |      |           |      |   |           |  |   |          
|Fixed Charges                             |  | $                        | 117,512    |   |      | $ | 89,037     |      |  | $    | 78,616    |      | $ | 59,235    |  | $ | 57,158   
|                                          |  |                          |            |   |      |   |            |      |  |      |           |      |   |           |  |   |          
|                                          |  |                          |            |   |     
|Ratio of earnings to fixed charges        |  |                          | -46.8      |   |      |   | -56.8      |      |  |      | 16.4      |      |   | 18.3      |  |   | 18.1     
|                                          |  |                          |            |   |      |   |            |      |  |      |           |      |   |           |  |   |