PowerCLI error after vCenter Server upgrade

After upgrading to vSphere 6.7, a PowerCLI script aborts with this error message:

The vCenter Server is unable to decrypt passwords stored in the customization specification.

To resolve the issue, retype the password in the VMcustomization specifications (under Policies and Profiles). Edit the customization specifications and retype the password under the following two preference points:
– Administrator password
– Workgroup or domain

Store VMware PowerCLI login credentials

Connect to VirtualCenter Server and enter credentials

Connect-VIServer -Server <Server>

Save the credentials to the credential store file (By default the credential store file is stored – encrypted – under the user profile directory)

New-VICredentialStoreItem  -Host <Server> -User "<Username>" -Password "<Password>"