Caterpillar Financial Services 10-Q 2006 Q3 Quarterly report

 EXHIBIT 12

CATERPILLAR FINANCIAL SERVICES CORPORATION

COMPUTATION OF RATIO OF PROFIT TO FIXED CHARGES

(Unaudited)

(Millions of Dollars)

	Three Month Ended						Nine Months Ended
		September30,			September 30,			September30,			September 30,
		2006			2005			2006			2005
Net Income	$	132		$	87		$	356		$	260
Add:
Provision for income taxes		60			43			164			132
Deduct:
Equity in profit of partnerships		(1	)		(2	)		(3	)		(5	)
Profit before taxes(1)	$	191		$	128		$	517		$	387
Fixed charges:
Interest on borrowed funds	$	267		$	202		$	758		$	563
Rentals at computed interest(2)		1			1			4			4
Total fixed charges	$	268		$	203		$	762		$	567
Profit before taxes plus fixed charges	$	459		$	331		$	1,279		$	954
Ratio of profit before taxes plus fixed charges to fixed charges		1.71			1.63			1.68			1.68

⁽¹⁾ Profit before taxes excludes equity in profit of partnerships.

⁽²⁾ Those portions of rent expense that are representative of interest cost.