You can do this either with a matrix translation and rotation, or by finding the objects center, rotating the object, and then translating it back (which is basically the same thing as the matrix technique).
The matrix way:
var mat:Matrix = spr.transform.matrix;
var bounds:Rectangle = spr.getBounds( spr.parent );
mat.translate( -(bounds.left + bounds.width/2), -(bounds.top + bounds.height/2 ) );
mat.rotate( degree * Math.PI / 180 ); //rotate amount
mat.translate( bounds.left + bounds.width/2, bounds.top + bounds.height/2 );
spr.transform.matrix = mat;
Without matrix:
var bounds:Rectangle = spr.getBounds( spr.parent );
var center:Point = new Point( bounds.x + bounds.width/2, bounds.y + bounds.height/2 );
spr.rotation = degree; //rotate amount
bounds = spr.getBounds( spr.parent );
var newCenter:Point = new Point( bounds.x + bounds.width/2, bounds.y + bounds.height/2 );
spr.x += center.x - newCenter.x;
spr.y += center.y - newCenter.y;