PLACE asparagus and water in 2-L microwaveable casserole dish; cover. Microwave on HIGH 5 to 6 min. or until asparagus is crisp-tender; drain. Set aside.

COMBINE remaining ingredients in microwaveable bowl. Microwave 2 min or until cheese is melted and mixture is well blended, stirring after each minute.

SERVE over asparagus.