Hurricane Eta neared category 5 strength on Tuesday morning while heading for Central America, with forecasters warning it could prove "devastating."

Eta, whose formation tied a record for the most named storms in a single season, is expected to hit Nicaragua's coast on Tuesday.

Eta is projected to hit Nicaragua, before moving northward to Honduras and Guatemala. Costa Rica and Panama, two of the region's biggest banana and pineapple exporters, are not expected to be heavily impacted.

The center said aircraft have noted the storm's rapid strengthening and warned that it could reach Category 4 by the time it makes landfall.

CBS News weather producer David Parkinson said that the storm will be "devastating" to Central America "with those wind speeds near the coast and a torrent of 15-35 inches of rain inland.

"Mudslides are a near certainty in Nicaragua along with Guatemala and Honduras, and potentially even Mexico, too. The rain isn't likely to come to an end before Friday."