Yes, there is an LB conduit body below the panel. I actually emailed Cantex asking if the conduit body is rated for exterior installation (I know some are not). Here is the response, which doesn't actually answer the question:
"This is pretty much a standard installation for the conduit bodies. With the gasket, between the body itself & the lid, if properly secured, it should remain watertight under normal rain conditions and/or sprinkler action."
Is this something you would comment on as a defect, Mike? The gasket was a bit degraded, but the interior of the conduit body was dry despite recent rainfall.