It has to do with the available fault current, and the way the breakers in the panelboard respond to it.
In a fully rated panelboard, all breakers must have a KAIC rating that meets or exceeds the available fault current at the main breaker or main lugs. Given 20 kA of available fault current, all breakers in the panelboard have to have 22KAIC rating (that's what is usually available above 20kA).
In a series rated panelboard, the combination of a main breaker and a branch breaker that is effectively in series with it, is a listed combination that allows the higher KAIC rating of the main breaker to protect the branch breaker as well. Given 20 kA of available fault current and 22KAIC for the main breaker, you could in concept have a 10KAIC branch breaker, if it is series rated with the main.
The reason why series ratings exist, is that the timing of the breaker trips is such that the main breaker with a larger KAIC has been tested to trip before the branch breaker could catastrophically fail. For any fault originating on the branch circuit, for any amps up to the main breaker's KAIC rating. You can also have breakers that are series-rated with certain classes of fuses. This is brand/product-specific on the breakers to be series rated as such. And this is strategic to design this way, as fuses with high KAIC ratings are cheaper than breakers with high KAIC ratings. This allows you to take credit for 200KA, even with a breaker that is 22KA, provided that the combination is series rated, and the fuse is upstream of the breaker.