If Foretescue Metals issues 5-year annual coupon bonds with a face value of $1000 and a coupon of 3% p.a. today and the yield to maturity on bonds of similar risk and maturity is 4%, how much will each bond sell for?

If you purchased the Fortescue bonds from above, how would a downgrade in the credit rating (from say BBB to BB) affect the price of these bonds?

Would these Fortescue bonds be an attractive asset for investors? Why or why not?

Thank you in advance.