Using a while loop, I was able to get it to increment each char of the string until a null value is found. I didn't code it to loop back around (z becoming c) but this should get you started.
;tells simulator where to put my code in memory(starting location). PC is set to thsi address at start up
.orig x3000
MAIN
AND R1, R1, #0 ; clear our loop counter
WHILE_LOOP
LEA R2, STRING ; load the memory location of the first char into R1
ADD R2, R2, R1 ; Add our counter to str memory location. R2 = mem[R1 + R2]
LDR R3, R2, #0 ; Loads the value stored in the memory location of R2
BRz END_WHILE ; If there is no char then exit loop
ADD R3, R3, #3 ; change the char
STR R3, R2, #0 ; store the value in R3 back to the location in R2
ADD R1, R1, #1 ; add one to our loop counter
BR WHILE_LOOP ; jump to the top of our loop
END_WHILE
HALT
; Stored Data
STRING .STRINGZ "anz"
.END
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