Iwire alluded to it, so now I feel free to jump in.
Protective devices have AIC ratings. Gear, technically, has Short Circuit Current Ratings (SCCR), however its labeling usually says something to the effect of 'short circuit rating dependent on the value of the lowest AIC installed'. So while it is a little easier to order a panel with an AIC rating, you need to know what you are really getting.
Finally, the amount of available short circuit current is a function of the overall installed system.
Now for the OP.
The NEC requires both the AIC (110.9) and the SCCR (110.10) to be higher than the available fault current. The basic math behind fault currents is really just a variant of Ohm's Law => Current = Voltage divided by Impedance.
dkidd, provided the basic answer.
The primary impedance, when looking at the utility, is the service transformer. In most cases the utility does not want to commit to a specific transformer (they reserve the right to change whenever they want to), therefore they provide a 'design' level of fault current. This design level may bear little resemblance to what is actually available, but equipment chosen on it rarely gets 'outdated'.
After you leave the service entrance, the primary impedance becomes the conductors, until you get to another transformer. this is where the free software programs come in handy. Again to be safe, when selecting equipment, use the utility design value as your starting point.
And never-ever use a 'design' fault current as the only value when performing Arc Flash calculations.