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