1Melt butter in 4-quart Dutch oven over medium heat. Cook bell peppers and green onions in butter 3 minutes, stirring occasionally.
2Stir in water, potatoes, thyme and salt. Heat to boiling; reduce heat to low. Cover and simmer about 10 minutes or until potatoes are tender.
3Stir in remaining ingredients; cook about 1 minute or until hot (do not boil).