Exhibit 12.1

Kansas City Southern de México, S.A. de C.V.

Schedule of Ratio of
Earnings to Fixed Charges

(in millions of U.S. dollars, except ratio data)



|                                                                                                           |  |                         |       |  |      |   |       |      |  |   |       |  |  |      |       |  |  |   |       | 
|---------------------------------------------------------------------------------------------------------- |  | ----------------------- | ----- |  | ---- | - | ----- | ---- |  | - | ----- |  |  | ---- | ----- |  |  | - | ----- | 
|                                                                                                           |  | Year ended December 31, |      
|                                                                                                           |  | 2010                    |       |  | 2009 |   |       | 2008 |  |   | 2007  |  |  | 2006 |      
|Earnings:                                                                                                  |  |                         |       |  |      |   |       |      |  |   |       |  |  |      |       |  |  |   |       | 
|Pretax income (loss) from continuing operations, excluding equity in earnings of unconsolidated affiliates |  | $                       | 88.5  |  |      | $ | 3.4   |      |  | $ | 109.2 |  |  | $    | 121.3 |  |  | $ | 73.3  | 
|Interest expenses                                                                                          |  |                         | 94.6  |  |      |   | 106.6 |      |  |   | 83.4  |  |  |      | 81.9  |  |  |   | 92.9  | 
|Amortization of capitalized expense                                                                        |  |                         | 3.2   |  |      |   | 3.5   |      |  |   | 3.2   |  |  |      | 3.5   |  |  |   | 3.5   | 
|Portion of rents representative of an appropriate interest factor (1)                                      |  |                         | 17.9  |  |      |   | 21.0  |      |  |   | 21.2  |  |  |      | 21.4  |  |  |   | 20.9  | 
|Distributed income of equity investments                                                                   |  |                         | 1.5   |  |      |   | 3.0   |      |  |   | 7.2   |  |  |      |      |  |  |   |      | 
|                                                                                                           |  |                         |       |  |      |   |       |      |  |   |       |  |  |      |       |  |  |   |       | 
|Income (loss) before income taxes and minority interest Adjusted                                           |  | $                       | 205.7 |  |      | $ | 137.5 |      |  | $ | 224.2 |  |  | $    | 228.1 |  |  | $ | 190.6 | 
|                                                                                                           |  |                         |       |  |      |   |       |      |  |   |       |  |  |      |       |  |  |   |       | 
|Fixed charges:                                                                                             |  |                         |       |  |      |   |       |      |  |   |       |  |  |      |       |  |  |   |       | 
|Interest expenses                                                                                          |  | $                       | 94.6  |  |      | $ | 106.6 |      |  | $ | 83.4  |  |  | $    | 81.9  |  |  | $ | 92.9  | 
|Amortization of capitalized expense                                                                        |  |                         | 3.2   |  |      |   | 3.5   |      |  |   | 3.2   |  |  |      | 3.5   |  |  |   | 3.5   | 
|Capitalized interest                                                                                       |  |                         |      |  |      |   |      |      |  |   | 0.6   |  |  |      |      |  |  |   |      | 
|Portion of rents representative of an appropriate interest factor (1)                                      |  |                         | 17.9  |  |      |   | 21.0  |      |  |   | 21.2  |  |  |      | 21.4  |  |  |   | 20.9  | 
|                                                                                                           |  |                         |       |  |      |   |       |      |  |   |       |  |  |      |       |  |  |   |       | 
|Total fixed charges                                                                                        |  | $                       | 115.7 |  |      | $ | 131.1 |      |  | $ | 108.4 |  |  | $    | 106.8 |  |  | $ | 117.3 | 
|                                                                                                           |  |                         |       |  |      |   |       |      |  |   |       |  |  |      |       |  |  |   |       | 
|Ratio of earnings to fixed charges                                                                         |  |                         | 1.8   |  |      |   | 1.0   |      |  |   | 2.1   |  |  |      | 2.1   |  |  |   | 1.6   | 
|                                                                                                           |  |                         |       |  |      |   |       |      |  |   |       |  |  |      |       |  |  |   |       | 



|(1) | Rents represent one-third of rents expense.
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