The alarm means that there is a "loss
of signal, loss of frame, or unavailability
because of excessive errors".
http://www.cisco.com/univercd/cc/td/doc/product/access/acs_mod/cis2600/hw_inst/nm_inst/nm-doc/conntpri.htm
"sh controller" should verify this, too. You may
want to confirm your framing, linecoding, physical
cabling, and work with the carrier to try some loopback
testing to try and understand where the problem
might be.