First, melt the butter in a saucepan, casserole dish or stock pot. Add the chopped onions and chopped bell peppers. Cook on medium heat until the onions and bell peppers begin to soften.
Stir in the rice. You want the rice coated in the butter. Cook for another minute.
Add the chicken stock, water, enchilada sauce, and chopped tomatoes. Simmer on medium for about 18 minutes.
Stir in the cream and shredded cheese. Lower the heat to low-medium and cook for 2 additional minutes, or until the cheese has melted into the rice.
This rice dish goes great next to a variety of dishes.