**                                                                                                                                                                                       EXHIBIT 12**

**CATERPILLAR        FINANCIAL SERVICES CORPORATION**

**COMPUTATION        OF RATIO OF PROFIT TO FIXED CHARGES**

|                                                                                               |   |        **Three                  Months Ended**     |   |
|----------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------|--------|
|                                                                                               |   | **March                  31,  **                                                                     |   | **March                  31,  ** |   |
|                                                                                               |   | **    2006    **                                                  |   | **    2005    ** |   |
|                                                                                               |   |                                                                                                      |   |   |   |
| Net                  Income                                                                        |   | $                                                                                                         | 118    |   | $ | 83 |   |
|                                                                                               |   |                                                                                                      |   |   |   |   |   |
| Add:                                                                                               |   |                                                                                                      |   |   |   |   |   |
| Provision                  for income taxes                                                        |   |                                                                                                      | 55     |   |   | 41 |   |
|                                                                                               |   |                                                                                                      |   |   |   |   |   |
| Deduct:                                                                                            |   |                                                                                                      |   |   |   |   |   |
| Equity                  in profit of partnerships                                                  |   |                                                                                                      | (1     | ) |   | (2 | ) |
|                                                                                               |   |                                                                                                      |   |   |   |   |   |
| Profit                  before taxes( 1)                                                 |   | $                                                                                                         | 172    |   | $ | 122 |   |
|                                                                                               |   |                                                                                                      |   |   |   |   |   |
| Fixed                  charges:                                                                    |   |                                                                                                      |   |   |   |   |   |
| Interest                  on borrowed funds                                                        |   | $                                                                                                         | 233    |   | $ | 173 |   |
| Rentals                  at computed interest( 2)                                             |   |                                                                                                      | 1      |   |   | 1 |   |
|                                                                                               |   |                                                                                                      |   |   |   |   |   |
| Total                  fixed charges                                                               |   | $                                                                                                         | 234    |   | $ | 174 |   |
|                                                                                               |   |                                                                                                      |   |   |   |   |   |
| Profit                  before taxes plus fixed charges                                            |   | $                                                                                                         | 406    |   | $ | 296 |   |
|                                                                                               |   |                                                                                                      |   |   |   |   |   |
| Ratio                  of profit before taxes plus fixed                  charges to fixed charges |   |                                                                                                      | 1.74   |   |   | 1.70 |   |

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