(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.

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