Where does EPDM store the SQL Server database password?

Just as a matter of curiosity, I was trying to work out where EPDM stores the database password for the EPDM client. I can see that there are user and password entries in the registry, under the path HKEY_LOCAL_MACHINE\SOFTWARE\SolidWorks\Applications\PDMWorks Enterprise\MailService, but the password is just a GUID. Where is the password actually stored?

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