You must convert a coverage to a graphic in order to rotate it in ArcMap.
In the table of contents, right-click Layers and Select Convert Features to Graphics.
In the table of contents, uncheck the box next to the coverage name. The converted graphics will remain visible.
Switch to Layout View.
Click the Select Graphics button on the Draw toolbar and double-click the data frame.
Select all the graphics.
In the Edit menu click Select All Elements
Click the Rotate tool on the Draw toolbar.
Click and drag the mouse on the graphic and release once you reach the desired rotation.
Note: To convert the graphic back to a feature using ArcObjects, follow the link to ArcObjects Online in the "Related Information" section of this article. Select Samples > Editing > Edit Commands > Convert Graphics Command, and follow the instructions to download the file.