Caterpillar Financial Services 10-Q 2004 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,
	2004	2003	2004		2003
Net Income	$  82	$  67	$  217		$  189
Add:
Provision for income taxes	31	36	100		100
Deduct:
Equity in profit of partnerships	(1)	(1)	(2)		(3)
Profit before taxes	$112	$102	$315		$286
Fixed charges:
Interest on borrowed funds	$132	$119	$374		$367
Rentals at computed interest*	1	2	4		4
Total fixed charges	$133	$121	$378		$371
Profit before taxes plus fixed charges	$245	$223	$693		$657
Ratio of profit before taxes plus fixed charges to fixed charges	1.84	1.84	1.83		1.77

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