Caterpillar Financial Services 10-Q 2005 Q2 Quarterly report

EXHIBIT 12

CATERPILLAR FINANCIAL SERVICES CORPORATION

COMPUTATION OF RATIO OF PROFIT TO FIXED CHARGES

(Unaudited)

(Millions of Dollars)

	Three Month Ended						Six Months Ended
		June 30,			June 30,			June 30,			June 30,
		2005			2004			2005			2004
Net Income	$	90		$	63		$	173		$	135
Add:
Provision for income taxes		48			34			89			69
Deduct:
Equity in profit of partnerships		(2	)		(1	)		(4	)		(1	)
Profit before taxes	$	136		$	96		$	258		$	203
Fixed charges:
Interest on borrowed funds	$	188		$	121		$	361		$	242
Rentals at computed interest*		2			2			3			3
Total fixed charges	$	190		$	123		$	364		$	245
Profit before taxes plus fixed charges	$	326		$	219		$	622		$	448
Ratio of profit before taxes plus fixed charges to fixed charges		1.72			1.78			1.71			1.83

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