Wouldn't utilities (famous for their large dividend distributions) get creamed in a rising interest rate environment?
Electricity and gas are typically non discretionary spending.
No question but utilities' distributions have to compete with higher treasury yields so that would be pushing downwards pressure on their prices.
Actually in a tight money environment I don't really think there is a place to hide. Bonds and stocks are both likely to decline across the board. Cash and gold might be the best refuge.