In a large saucepan combine water and bouillon granules. Bring to boiling, stirring to dissolve granules. Add rice; reduce heat. Cover and simmer for 20 to 25 minutes or until all the liquid is absorbed.
Meanwhile, in a skillet, cook the sweet red pepper in hot cooking oil until edges are lightly browned. Add the cooked peppers to rice; mix well.
Lightly coat four 5-ounce ramekins or custard cups with nonstick spray coating. Immediately divide half of the rice mixture among ramekins; pack rice firmly into ramekins. Invert each ramekin to unmold. Repeat with remaining rice. Serve immediately. Garnish with green pepper strips, if desired. Makes 8 side-dish servings.