Ham, Yes utilities fall into the category of stocks that are deemed to be 'interest-rate sensitive' and so with rising rates there will likely be some depression of their price.

So it depends upon what your investment goals are as to whether you should take any proactive action. 
If, like me, the overarching goal is to generate a stream of income then one shouldn't worry about short term price fluctuations. I don't believe that increased interest rates will have any major impact on utilities ability to pay their dividends. Ergo, I just look at it as a potential buying opportunity.