If it appears on places where there were no "bubbles" before, yes it is rust. Try pressing it a bit - if the oxidation is really bad it will feel "crumbly"...
bubbling occurred over a portion rebuilt with fibreglass? sometimes it happens.. i understand its cos of the glue that they used to bond the fibreglass parts to the body.. air trapped inside/in between, eventually gets forced upwards due to weather etc, creating a biubble in your paint coat.. ask mme how i know.... hahhah.. i got 2 of them that needs work.... buts its expected i guess....
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