Bring water to boil in medium saucepan. Gradually stir in cornmeal. Add 2 Tbsp. butter; cook and stir 1 to 2 min. or until melted. Simmer on medium-low heat 15 to 20 min. or until thickened, stirring constantly. Remove from heat. Add cheese and remaining butter; stir until butter is completely melted and mixture is well blended.