Santa Fe (CM - 2007-12) :: Serpentine Belt Replaced Still Squeaking And Slipping?

Long story short is, I replaced my 2007 Santa Fe's serpentine belt and it still squeals for some time after we start the vehicle (then stops) ... but more importantly I *think* its still slipping if we're driving during rain or on very wet roads.

Long story long is ... the problem appeared as loss of power steering and air conditioning when driving during rain. Took it to the dealer and they suggested to replace the serpentine belt, replace the shroud (plastic) that covers the belt, and replace the timing belt. As we have 36k miles on it, no one I talked to understood the timing belt suggestion. I see though perhaps its just because the car is 4 years old? The shroud the dealer claimed was cracked and may be letting water in on to the belt. However, they completely removed it and did not replace it so I was not able to inspect this myself (wife took the car in for the appointment).

I bought the new belt and put it on. The squeaking was gone but as soon as I hit rain again, the slipping was back as bad as before (and we'd lose power steering / air conditioning same as before). I had a 1.5 hour drive in rain where the belt was slipping almost nonstop; constant back and forth between catching and slipping.

When the replacement shroud came in I thought that might solve the problem - keeping moisture off the belt. However with that in place I'm afraid there is still some slippage as I've noticed some dashboard lights come on during brief heavy rain. Also the initial squeaking is back when we start the car.