EXHIBIT 12.01

Ambac Financial Group, Inc.

Ratio of Earnings to Fixed
Charges

(In thousands, except ratios)



|                                                 |  |                          |         |      |   |            |      |  |   |            |   |      |   |           |  |   |          
|------------------------------------------------ |  | ------------------------ | ------- | ---- | - | ---------- | ---- |  | - | ---------- | - | ---- | - | --------- |  | - | ---------
|                                                 |  | Years Ended December 31,
|                                                 |  | 2009                     |         | 2008 |   |            | 2007 |  |   | 2006       |   | 2005
|Earnings:                                        |  |                          |         |      |   |            |      |  |   |            |   |      |   |           |  |   |          
|Pre-tax income (loss) from continuing operations |  | $                        | 724,905 |      | $ | (5,618,343 | )    |  | $ | (5,154,749 | ) |      | $ | 1,210,213 |  | $ | 1,022,764
|Interest expense                                 |  |                          | 119,626 |      |   | 114,226    |      |  |   | 85,740     |   |      |   | 75,294    |  |   | 55,896   
|Portion of rentals deemed to be interest         |  |                          | 3,366   |      |   | 3,286      |      |  |   | 3,297      |   |      |   | 3,322     |  |   | 3,339    
|                                                 |  |                          |         |      |   |            |      |  |   |            |   |      |   |           |  |   |          
|Earnings                                         |  | $                        | 847,897 |      | $ | (5,500,831 | )    |  | $ | (5,065,712 | ) |      | $ | 1,288,829 |  | $ | 1,081,999
|                                                 |  |                          |         |      |   |            |      |  |   |            |   |      |   |           |  |   |          
|Fixed Charges:                                   |  |                          |         |      |   |            |      |  |   |            |   |      |   |           |  |   |          
|Interest Expense                                 |  | $                        | 119,626 |      | $ | 114,226    |      |  | $ | 85,740     |   |      | $ | 75,294    |  | $ | 55,896   
|Portion of rentals deemed to be interest         |  |                          | 3,366   |      |   | 3,286      |      |  |   | 3,297      |   |      |   | 3,322     |  |   | 3,339    
|                                                 |  |                          |         |      |   |            |      |  |   |            |   |      |   |           |  |   |          
|Fixed Charges                                    |  | $                        | 122,992 |      | $ | 117,512    |      |  | $ | 89,037     |   |      | $ | 78,616    |  | $ | 59,235   
|                                                 |  |                          |         |      |   |            |      |  |   |            |   |      |   |           |  |   |          
|Ratio of earnings to fixed charges               |  |                          | 6.9     |      |   | -46.8      |      |  |   | -56.9      |   |      |   | 16.4      |  |   | 18.3     
|                                                 |  |                          |         |      |   |            |      |  |   |            |   |      |   |           |  |   |