PowerCLI error after vCenter Server upgrade

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

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

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