The NHC alert said: "At 9am MDT (2pm GMT) the eye of Hurricane Bud was located near latitude 16.7 North, longitude 106.8 West. Bud is moving toward the northwest near 7 miles per hour (11 km/h), and this motion is expected to continue today and tonight with a decrease in forward speed".
The U.S. National Hurricane Center says Bud has maximum sustained winds of 115 miles per hour (185 kph).
The hurricane is moving north-west at about 10mph - a course it is expected to take until mid-week, the NHC said.More news: Kim Jong Un's Jogging Bodyguard Unit Make Another Appearance in Singapore
Forecasters said Bud was expected to strengthen further before a slow weakening trend starts Tuesday. The storm peaked on Friday as a Category 4 hurricane with winds of 140 miles per hour. Rainfall of 3 to 6 inches, with isolated patches of 10 inches, was possible over much of that region into Tuesday afternoon.
The National Hurricane Center (NHC) today reported on a broad area of showers and thunderstorms that have persisted over the southwestern Caribbean Sea for the past several hours.
A tropical storm watch is in effect between Manzanillo, Colima, and Cabo Corrientes.More news: Apple bans cryptocurrency mining from its app stores
Even if no tropical system develops, forecasters warned that the system could dump heavy rain on flood prone areas in Nicaragua, Honduras and other parts of Central America as well as the Yucatan through Thursday.
The hurricane center said the storm could generate swells that cause life-threatening surf and rip currents over the coming days along Mexico's southwestern coast.
The Atlantic hurricane season lasts until November 30.More news: After 'difficult' G7 summit, May warns against unilateral action on trade
Meanwhile, Tropical Depression Aletta is expected to become a remnant by late Monday, the NHC said in an early-morning advisory.