In a large saucepan bring the 4 cups water to boiling; add shrimp. Return to boiling; reduce heat. Simmer for 1 to 3 minutes or till shrimp turn pink; drain and set aside.
In a large skillet combine the onion, green pepper, and º cup water. Bring to boiling; reduce heat. Cover and simmer for 3 to 4 minutes or till vegetables are crisp-tender. Do not drain.
Stir in undrained tomatoes, bouillon granules, sugar, thyme, and bottled hot pepper sauce. Simmer, uncovered, for 8 minutes.
Combine cornstarch and º cup water; stir into skillet. Cook and stir over medium heat till thickened and bubbly. Cook and stir for 2 minutes more.
Add shrimp; heat through. Combine rice and parsley. Serve shrimp mixture with rice mixture.