**                                                            EXHIBIT      12**

**CATERPILLAR      FINANCIAL SERVICES CORPORATION**

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

|                                                                                           |   | **Three                Month Ended****   **  | **Six                Months Ended**   |
|------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------|-------------------------------------------------|
|                                                                                           |   |                                                             | **June                30, **          |   |   | **June                30** |   |   | **June                30,** |   |   | **June                30** |   |
|                                                                                           |   |                                                             | **2006**                                        |   |   | **2005** |   |   | **2006** |   |   | **2005** |   |
|                                                                                           |   |                                                             |                                            |   |   |   |   |   |   |   |   |   |   |
| Net                Income                                                                      |   | $                                                                | 106                                             |   | $ | 90 |   | $ | 224 |   | $ | 173 |   |
|                                                                                           |   |                                                             |                                            |   |   |   |   |   |   |   |   |   |   |
| Add:                                                                                           |   |                                                             |                                            |   |   |   |   |   |   |   |   |   |   |
| Provision                for income taxes                                                      |   |                                                             | 49                                              |   |   | 48 |   |   | 104 |   |   | 89 |   |
|                                                                                           |   |                                                             |                                            |   |   |   |   |   |   |   |   |   |   |
| Deduct:                                                                                        |   |                                                             |                                            |   |   |   |   |   |   |   |   |   |   |
| Equity                in profit of partnerships                                                |   |                                                             | (1                                              | ) |   | (2 | ) |   | (2 | ) |   | (4 | ) |
|                                                                                           |   |                                                             |                                            |   |   |   |   |   |   |   |   |   |   |
| Profit                before taxes( 1)                                               |   | $                                                                | 154                                             |   | $ | 136 |   | $ | 326 |   | $ | 258 |   |
|                                                                                           |   |                                                             |                                            |   |   |   |   |   |   |   |   |   |   |
| Fixed                charges:                                                                  |   |                                                             |                                            |   |   |   |   |   |   |   |   |   |   |
| Interest                on borrowed funds                                                      |   | $                                                                | 258                                             |   | $ | 188 |   | $ | 491 |   | $ | 361 |   |
| Rentals                at computed interest( 2)                                           |   |                                                             | 2                                               |   |   | 2 |   |   | 3 |   |   | 3 |   |
|                                                                                           |   |                                                             |                                            |   |   |   |   |   |   |   |   |   |   |
| Total                fixed charges                                                             |   | $                                                                | 260                                             |   | $ | 190 |   | $ | 494 |   | $ | 364 |   |
|                                                                                           |   |                                                             |                                            |   |   |   |   |   |   |   |   |   |   |
| Profit                before taxes plus fixed charges                                          |   | $                                                                | 414                                             |   | $ | 326 |   | $ | 820 |   | $ | 622 |   |
|                                                                                           |   |                                                             |                                            |   |   |   |   |   |   |   |   |   |   |
| Ratio                of profit before taxes plus fixed                charges to fixed charges |   |                                                             | 1.59                                            |   |   | 1.72 |   |   | 1.66 |   |   | 1.71 |   |

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