Not sure, but closed cell foam should technically be water proof, and not really absorb or harbor anything afaik. I could see painting it to protect from possible UV damage, or maybe for extra fireproofing? Or simply to reflect the light back. I'm not sure about how long you would want to wait for it to fully off gas or cure before coating with paint, or if that could be an issue. Personally, I would cover over it with poor mans plastex FRP panels.