I don't quickly find any reference to such in NFPA's 70B, Recommended Practice for Electrical Equipment Maintenance, 2006.
While the cable may have been 'rated' sunlight-resistant, we know that it doesn't hold up in practice.
It should be replaced, without a doubt. Like so many items in this trade, the problems that may be caused by this might be slow to manifest. If you were to apply tape as a repair, it is still going to need to be rated for the conditions of sunlight and temperature, and won't likely keep the water out completely.