(Adds NHC's advisory that Bud weakens to Category 1 storm)
MEXICO CITY, June 12 (Reuters) - Hurricane Bud has been losing intensity in the Pacific Ocean about 300 miles (483 km) off the coast of Mexico's Cabo San Lucas on Tuesday, and should be no more than a tropical storm by the time it hits land, the U.S. National Hurricane Center said.
With maximum sustained winds of about 90 miles per hour (145 km per hour), Bud was downgraded to a Category 1 storm. It was churning slowly towards the beach resorts of Los Cabos on the southernmost tip of the Baja California peninsula, the Miami-based NHC said.
The center said "additional weakening is forecast, and Bud is expected to become a tropical storm on Wednesday."
The storm is expected to reach the peninsula by late Thursday, the NHC said. Bud is still likely to be a tropical storm when it nears Baja California Sur, it added.
No coastal warnings were in effect.
The hurricane was moving towards the northwest at about 3 mph (5 kph).
Through Thursday, the storm is expected to cause rainfall of 2 inches to 4 inches (5 to 10 cm) across much of southwestern Mexico, with up to 6 inches in some areas.
The heavy rain could cause deadly flash floods and mudslides, the NHC added. (Writing by Dave Graham; Editing by Lisa Shumaker and Sherry Jacob-Phillips)
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