Cash-rich firms [or those that rake in cash] will do OK in a high interest rate environment.
Think Williamson which has insignificant debt but gets USD [tea prices +40% yoy] for its tea.
KenyaRe has a cash-rich balance sheet [31 Dec 2014 & 30 June 2015 results] with lots of GoK securities which they re-invest into GoK securities (or deposits) but at much higher rates.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett