Symptoms

After running a repair operation on K2 Blackpearl Setup Manager, all settings have been reset to default, including the cached password for K2 Connect to the SAP backend.
 

Diagnoses

When starting K2 Connect Administration and clicking on "K2 blackpearl Service Object" link on the left, one can see there is no password entered in the Static Credentials password field.

 

Resolution

After entering the password in the K2 Connect Administration Console under K2 Blackpearl Settings (SAP Authentication = Static) and restarting the K2 Connect service and refreshing the service instance, all is working now.