Is this an HP or IBM server? Can you post a screenshot of what you're seeing in SAM, as well as a screenshot of what this looks like in the native vendors management tools? Ideally an SNMP MIB walk using this tool would also be helpful. Even though you're not monitoring hardware health via SNMP it's still incredibly valuable so we can get an understanding of what severity level the vendor has chosen for this state.
SAM does not set severity for hardware conditions. Rather it's defined by the vendor. It's possible SAM is incorrectly interpreting the severity of this condition, which is why I'm asking to see a MIB walk from this device.