Hurricane Bud weakens as it nears Mexican coast Miami (CNN) -- Hurricane Bud lessened into a Category 1 storm as it approached Mexico's southwestern coast Friday, the National Hurricane Center said. The storm, with maximum sustained winds of 80 mph and gusts of up to 120 mph, could drench the Mexican states of Jalisco, Colima, Michoacan, Guerrero and Guanajuanto, the Mexican news agency Notimex, reported. "Preparations to protect life and property should be rushed to completion," the National Hurricane Center said. "Although some weakening is forecast today, Bud is still expected to reach the coast of Mexico as a hurricane." Bud, the second named tropical storm of the East Pacific hurricane season, was 105 miles (about 170 km) southwest of Manzanillo and 165 miles (about 270 km) south of Cabo Corrientes, an 8 a.m. ET hurricane center advisory said. It was moving north-northeast at about 8 mph. A hurricane warning has been issued for Manzanillo northwest to Cabo Corrientes. There are hurricane and tropical storm watches and warnings in effect for larger swaths of the country, including San Blas and Punta San Telmo, the hurricane center said. Bud is expected to bring 6 to 10 inches of rain along Mexico's southwestern coast, with possible isolated amounts of 15 inches, the center said. "These rainfall amounts could produce life-threatening flash floods and mudslides," according to the U.S. agency. Swells generated by Bud affected coastal areas on Mexico's southern and southwestern coasts Thursday. They "are likely to cause life-threatening surf and rip current conditions," they said. Are you in the path? Share your story on CNN iReport, but stay safe.

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