I just took a look at the specs. It would hold up better than most bikes, I'd think. Not only does it have extensive rust protection, but the chain is enclosed. Everything is sealed. That and a $10 rain suit, and you'll be set to go.

If you can get your hands on a 2006 Mu XL and don't need the step through frame, you will probably have a better ride and lighter bike with the Thudbuster seat post.