EXHIBIT 12.01

Ambac Financial Group, Inc.

Ratio of Earnings to Fixed Charges

(In thousands, except ratios)

	Years Ended December 31,
	2004		2003		2002		2001		2000
Earnings:
Pre-tax income from continuing operations	$	976,782	$	849,589	$	563,331	$	568,014	$	481,880
Interest expense		54,322		54,201		43,724		40,442		37,477
Portion of rentals deemed to be interest		2,836		2,478		2,126		1,972		1,859
Earnings	$	1,033,940	$	906,268	$	609,181	$	610,428	$	521,216
Fixed Charges:
Interest Expense	$	54,322	$	54,201	$	43,724	$	40,442	$	37,477
Portion of rentals deemed to be interest		2,836		2,478		2,126		1,972		1,859
Fixed Charges	$	57,158	$	56,679	$	45,850	$	42,414	$	39,336
Ratio of earnings to fixed charges		18.1		16.0		13.3		14.4		13.3