View of Jakarta, Indonesia.

Jakarta’s main stock index jumped more than 3% on Friday, following the move by Standard & Poor’s to lift Indonesia’s sovereign rating to investment grade, reports Reuters. Fitch and Moody’s awarded Indonesia the rating in 2011 and 2012, respectively.

“Winning the investment grade title allows Indonesia access to a wider investor base. This rating upgrade should drive valuations higher,” Taye Shim of Mirae Asset Sekuritas Indonesia was quoted as saying.