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<PAGE>
EXHIBIT 12
CASE CREDIT CORPORATION AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollars in millions)
<TABLE>
<CAPTION>
Post-acquisition Pre-acquisition
basis of basis of
accounting accounting
----------------- -----------------
Nine Months Ended Nine Months Ended
September 30, September 30,
2000 1999
----------------- -----------------
<S> <C> <C>
Net income................................................................................. $ 14 $ 63
Add:
Interest expense......................................................................... 172 141
Amortization of capitalized debt expense................................................. -- 2
Income tax expense and other taxes on income............................................. 8 36
---- ----
Earnings as defined.................................................................... $194 $242
==== ====
Interest expense........................................................................... $172 $141
Amortization of capitalized debt expense................................................... -- 2
---- ----
Fixed charges as defined................................................................. $172 $143
==== ====
Ratio of earnings to fixed charges......................................................... 1.13x 1.69x
--------------------------------------------------
==== ====
</TABLE>
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