1. In a small bowl, combine raisins in rum and soak for at least 2 hours.
2. Preheat oven to 350 degrees.
3. Lightly coat a 10 x 3 inch round baking dish or a 2 quart soufflé dish with vegetable cooking spray.
4. Add the bread cubes to the dish and sprinkle the raisin/rum mixture on top.
5. In a large bowl, combine the milk, eggs, sugar, cinnamon and nutmeg.
6. Stir the egg mixture into the bread/raisin mixture and cover with foil.
7. Place the baking dish in a larger, high-sided roasting pan.
8. Add boiling water into the roasting pan around the baking dish to a depth of 2 inches.
9. Bake for 45 minutes.
10. Remove the foil and continue baking, uncovered, for 5 minutes, until top is golden and the mixture is slightly puffed or until a knife inserted in the center comes out clean.
11. Cool slightly before serving.
12. If desired, serve with Crème Anglaise, flavored with rum to taste, if desired.