Can you turn off UAC and see if that makes a difference? I had the same issue with UAC on my 64 bit Windows 7 box. It was for me a bogus error message.
So not only do you have to have read/write access to the file put the program must be "Run as Administrator" by right clicking on the start menu item.
Director of Information Services
From: midrange-l-bounces@xxxxxxxxxxxx [mailto:midrange-l-bounces@xxxxxxxxxxxx] On Behalf Of Jon S
Sent: Wednesday, March 20, 2013 8:24 AM
Subject: RE: SSL ODBC Setup Issues
It is 5.4, I don't have access to anything else and I am running as Administrator. I thought that too because I am running into a lot of different quirks having never even seen Windows 8 or Server 2012 before Monday but it does not appear to be a permissions problem as it's telling me the password is not valid. It could be a bogus message though.