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Combine water and 1/2 teaspoon salt in large saucepan. Heat to boiling. Add asparagus. Return to boiling. Cover. Reduce heat to moderate. Cook 3 to 4 minutes, or until asparagus is thawed and warm. Drain. Spread asparagus in shallow baking dish.
Blend remaining ingredients and remaining 1/4 teaspoon salt in small mixing bowl. Pour over asparagus. Cover and refrigerate 3 to 4 hours, stirring periodically. Serve chilled or at room temperature.