Calculating Change in Yield Spread upon Downgrade

As a credit analyst at a fixed income investment firm, you are tasked with evaluating the credit risk of Company X, which has issued a $100 million corporate bond with a coupon rate of 5%. The bond is rated BBB by Standard & Poor's and has a maturity of 10 years. Recently, the firm has experienced fluctuations in cash flow due to changing market conditions, leading to speculation about a potential downgrade to BB. You want to measure the impact of this possible downgrade on the bond's yield spread relative to benchmark securities.

Assuming the current yield on BBB bonds in the market is 2% and the yield on BB bonds is 6%, what would be the expected change in the yield spread of Company X’s bond if it were downgraded to BB?