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A man is ferried across a flooded street by boat two days after Hurricane Patricia, in the village of Rebalse, Jalisco State, Mexico, Sunday, Oct. 25, 2015. (AP Photo/Rebecca Blackwell)

(Bloomberg) — Bonds sold by Mexico to shield it from the cost of repairing hurricane damage are closer to paying out after the biggest storm ever measured in the Americas struck the country last month, 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 on whether the storm met the conditions for Mexico to keep the money instead of paying it back on Dec. 4, when the debt falls due. The determination will be made by AIR Worldwide Corp., which serves as the calculation agent.

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