AAA TripleMania XXVII, AAA's biggest event of the year, took place last month in Mexico City. Cody Rhodes was on the card as he teamed up with Psycho Clown and Cain Velasquez in a winning effort against Texano Jr., Taurus, and Killer Kross.
After the victory, Psycho Clown asked Rhodes and Velasquez to join in as they led a "puto" chant towards their opponents, a term that is looked down upon for its homophobic nature. Although often used in Mexican sports in past years, athletic organizations are cracking down on it more these days. You can see the chant at TripleMania in the video below (:55 mark).
Cody joined his teammates at AAA TripleMania for what he understood to be their post-match tradition in Mexico and was unaware of any negative connotations. Certainly the last thing Cody would want to do is to hurt or offend anyone, anywhere.