Miami (CNN) -- Hurricane Bud weakened to a tropical storm as it approached Mexico's southwestern coast on Friday, the National Hurricane Center said.
The storm, with maximum sustained winds of 70 mph, could drench the Mexican states of Jalisco, Colima, Michoacan, Guerrero and Guanajuanto, the Mexican state news agency Notimex reported.
"Continued weakening is expected during the next 48 hours," the National Hurricane Center said in its 8 p.m. ET advisory.
Earlier in the day, the storm weakened to a Category 1 hurricane.
Bud, the second named tropical storm of the East Pacific hurricane season, was about 80 miles (about 130 km) west-northwest of Manzanillo and 65 miles (about 105 km) south-southeast of Cabo Corrientes, the hurricane center said in its 8 p.m. ET advisory.
It was moving north at about 7 mph.
A tropical storm warning has been issued for Manzanillo northwest to Cabo Corrientes, while a tropical storm watch is out for the coast north of Cabo Corrientes to San Blas, according to the hurricane center.
A hurricane warning and watch, issued previously, have been discontinued.
Bud is expected to bring between 6-10 inches of rain along Mexico's southwestern coast, with isolated amounts of 15 inches possible in spots, the center said.
"These rainfall amounts could produce life-threatening flash floods and mudslides," according to the U.S. weather agency.
Swells generated by Bud were already affecting areas on Mexico's southern and southwestern coasts.
They "are likely to cause life-threatening surf and rip current conditions," the hurricane center said.
CNN's Mari Ramos, Rob Marciano, Ed Payne, Scott Thompson and Sean Morris contributed to this report.