(Bloomberg) -- Bonds sold by Mexico to shield it from the costof repairing hurricane damage are closer to paying out after thebiggest storm ever measured in the Americas struck the country lastmonth, Standard & Poor’s said.

S&P cut its rating on the $100 million bonds to CCC- from B-after Swiss Reinsurance Co. Ltd. asked for a ruling onwhether the storm met the conditions for Mexico to keep the moneyinstead of paying it back on Dec. 4, when the debt falls due. Thedetermination will be made by AIR Worldwide Corp., which serves asthe calculation agent.

The last time Boston-based AIR Worldwide was asked to rule on thebonds, it took three months to do so, S&P said. Preliminaryreadings of atmospheric pressure from the National Hurricane Centersuggests that the bonds will pay out at least 50%, if not 100%, theratings company said.

Related: Hurricane Patricia in pictures: Destroyed homes inMexico, flooding in Texas

“In the absence of any significant changes in the reportedminimum central pressure by the National Hurricane Center, adefault appears to be inevitable within six months,” S&P wrotein a statement.

The bonds will be triggered in full if the atmospheric pressureat the center of the storm was below or equal to 920 millibars. Ifit was 921 millibars to 932 millibars, they would pay out at 50%.By the time Patricia made landfall in late afternoon, the pressurewas 920 millibars, according to the preliminary readings.

The beneficiary of the bonds is Fonden, Mexico’s disaster fund,via Agroasemex SA, a state-owned agricultural insurer.

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