The LEDs on the rear LED panel show the status of the server and its replaceable components. There are no LEDs to indicate the status of the rear LED panel itself.
The LEDs on the rear LED panel are described in Front and Rear LED Panel LEDs and Controls.
Note - While the service processor is booting, two Fault LEDs light on the server's rear LED panel. These are the amber system Fault LED and the service processor Fault LED. This is normal behavior. The green OK LEDs light when the service processor finishes booting.