%%[
set @rating = AttributeValue("rating")
set @rating = 4.53 /* Test Value */
set @increment = 0.5
set @ratingNearestHalf = 0
set @ratingBase = 0

/*  https://www.html.am/html-codes/character-codes/html-star-code.cfm
    I'm using ☆ ★ ½ to make my stars, same logic applies when using images.
*/
set @emptyStar = "☆"
set @fullStar = "★"
set @halfStar = "½"
set @ratingOutput = ""

if @rating >= 0 then

  if mod(@rating, 1) > @increment then 
      set @ratingBase = FormatNumber(Subtract(@rating,1), 0)
  else
      set @ratingBase = FormatNumber(@rating, 0)
  endif

  for @s = 1 to @ratingBase do
    set @ratingOutput = concat(@ratingOutput,@fullStar)
  next @s

  set @ratingNearestHalf = Subtract(@rating, mod(@rating, @increment))

  if subtract(@ratingNearestHalf,@ratingBase) > 0.5 then
    set @ratingOutput = concat(@ratingOutput,@emptyStar,@halfStar)
  elseif @ratingNearestHalf != @ratingBase then
    set @ratingOutput = concat(@ratingOutput,@halfStar)
  endif

endif
]%%

Output:

rating: 4.53
increment: 0.5
mod(rating,1): 0.53
mod(rating,increment): 0.0300000000000002
ratingBase: 4
ratingNearestHalf: 4.5
ratingNearestHalf - ratingBase: 0.5
ratingOutput: ★★★★½