I see what appears to be saw fly damage to some of the lower,older foliage. Those are the areas which appear to be “holes” with only the cuticle or skin of the leaf covering the missing tissue beneath them. There are burned leaf edges which could be the result of a water stress issue; a short period of extreme temperatures or even a potential spray damage issue. Without knowing where the bush grows; what the weather has been like recently; whether or not it’s been recently sprayed and/or fertilized, it’s difficult to offer anything more definitive about the visible issues. Otherwise, the new growth appears healthy and “happy”.
Totally agree on the Sawfly damage. Those little critters can be problematic. Gary needs to spray with an insecticide being sure to get the underside of the leaves. From the picture it does seem to be quite dry around the rose bush. If the soil is well drained there’s really no chance of overwatering. You might also remove the foliage at the bottom of the bush near the bud union.