Foundation "cladding"

Doing an inspection tomorrow on a 100 year old house. The foundation has been covered with some sort of stone or concrete veneer. Anyone have any experience with this? Possible problems etc. One thing I don’t like in this case is that on one side it is covering at least one course of the brick as well.

Looks like the veneer is covering rigid exterior-application foundation insulation. Hopefully the grade is low all around and that great drainage, both gutter/downspouts and grade slopes, are in place!

As it turned out, it was covering a stone foundation. No insulation though. It was installed with metal lath even. Apparently it has been there for about 20 years so considering that, it is in good shape. Amazing that someone would rather have that fake looking stuff over a nice stone foundation. Then again, maybe the stone foundation wasn’t nice.

So that house must be 90-100+ years old. From the little visible in the picture, I thought it was much newer with a concrete foundation.