Can someone please explain the statement:

” if she has confidence that Mexican rates will not rise, so avoiding deterioration of the carry”

my thoughts:

the trade involves investing into a security that yields 7.28% and financing it with the British rate at 0.47%.

if Mexican interest rates rise, bond prices fall and yields go up. 

Why would this deteriorate the carry? 

Is it becuase bond prices drop and you have to sell in 6 months - risking a lower bond sales price?

thanks for clarification