I wouldn't think so... normally bud rot will show up in the buds themselves first... you'll see dead leaves in the middle of a bud when all else looks good around it... and when you pull on the dead leaves, they come out without a problem and reveal more rot underneath. Still, I would keep an eye on this, particularly on the stem... if you see the stem starting to turn brown, it may well be bud rot inside or some other fungus...
Good luck!