Although both panel grades use the same moisture-resistant adhesive, only Exterior-grade panels (such as sanded A-C and B-C plywood, T-111 siding, and overlaid panels like MDO) are intended for long-term exposure to weather, and even then they must be properly finished and maintained.
Exposure 1 panels, by contrast, are supposed to be able to resist the effects of moisture caused by construction delays but are not suitable for long-term exposure; they are commonly used for roof and wall sheathing and
subflooring, and should be protected from the weather as soon as practical. The longer these panels are exposed and the more severe the exposure, the greater the effect on panel performance. However, panels exposed to long construction delays may be less than aesthetically pleasing - as in your case - yet still structurally sound, especially if they're located on walls where there is less rain exposure.