I tested the provided application locally and was able to replicate the issue you are facing. The problems appear to be related to the custom JQuery library as the same issue appear in case the rating is added in a regular asp Update Panel and no Telerik controls are used on the page.
This appears to be a general cooperation issue between the mentioned JQuery and AJAX which Microsoft could further research on.
Therefore please report this case to them so that further assistance could provided.
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