Caterpillar Financial Services 10-Q 2001 Q3 Quarterly report

EXHIBIT 12

CATERPILLAR FINANCIAL SERVICES CORPORATION

COMPUTATION OF RATIO OF PROFIT TO FIXED CHARGES

(Unaudited)

(Millions of Dollars)

	Three Months Ended				Nine Months Ended
		September 30,	September 30,	September 30,		September 30,
		2001	2000	2001		2000
Net Income		$  68	$  43	$  165		$  115
Add:
Provision for income taxes		41	23	95		61
Deduct:
Equity in profit of partnerships		(2)	-	(4)		(2)
Profit before taxes		$  107	$  66	$256		$174
Fixed charges:
Interest on borrowed funds		$168	$203	$544		$551
Rentals at computed interest*		1	2	4		4
Total fixed charges		$169	$205	$548		$555
Profit before taxes plus fixed charges		$276	$271	$804		$729
Ratio of profit before taxes plus fixed charges to fixed charges		1.63	1.32	1.47		1.31

*Those portions of rent expense that are representative of interest cost.