Caterpillar Financial Services 10-Q 2008 Q3 Quarterly report

EXHIBIT 12

CATERPILLAR FINANCIAL SERVICES CORPORATION

COMPUTATION OF RATIO OF PROFIT TO FIXED CHARGES

(Unaudited)

(Dollars in Millions)

	Three Months Ended					Nine Months Ended
	September 30,		September 30,			September 30,			September 30,
	2008		2007			2008			2007
Profit	$	118	$	133		$	372		$	381
Add:
Provision for income taxes		38		54			143			175
Deduct:
Partnership income		-		(2	)		(3	)		(5	)
Profit before income taxes and partnership income	$	156	$	185		$	512		$	551
Fixed charges:
Interest expense	$	292	$	289		$	855		$	838
Rentals at computed interest*		1		1			4			4
Total fixed charges	$	293	$	290		$	859		$	842
Profit before income taxes plus fixed charges	$	449	$	475		$	1,371		$	1,393
Ratio of profit before income taxes plus   fixed charges to fixed charges		1.53		1.64			1.60			1.65

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