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EXHIBIT 12.1
TEXTRON FINANCIAL CORPORATION
STATEMENT SETTING FORTH COMPUTATION OF
RATIO OF EARNINGS TO FIXED CHARGES
1999 1998 1997 1996 1995
-------- -------- -------- -------- --------
(In thousands)
Income before income taxes and
distributions on preferred
securities............................ $128,532 $112,626 $108,079 $ 95,724 $ 88,600
-------- -------- -------- -------- --------
FIXED CHARGES:
Interest on debt........................ 203,817 155,126 153,127 146,615 146,649
Estimated interest portion of rents..... 1,515 1,198 879 817 680
-------- -------- -------- -------- --------
Total fixed charges..................... 205,332 156,324 154,006 147,432 147,329
-------- -------- -------- -------- --------
Adjusted Income......................... 333,864 268,950 262,085 243,156 235,929
Ratio of earnings to fixed charges...... 1.63x 1.72x 1.70x 1.65x 1.60x
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(1) The ratio of earnings to fixed charges has been computed by dividing income
before income taxes and distributions on preferred securities and fixed
charges by fixed charges. Fixed charges consist of interest on debt and
one-third rental expense as representative of interest portion of rentals.