Combine water, beans and liquid, coconut milk, onion, garlic, bouillon, thyme sprigs and butter in large, heavy saucepan. Bring mixture to a boil. Stir in rice; return to a boil.
Reduce heat to low. Place chile on top. Cover; cook for 20 to 25 minutes or until rice is tender and most of liquid is absorbed.
Remove thyme sprigs and chile before serving. Sprinkle with chopped thyme.Servings: 8 to 10