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Was able to resolve the problem by following the "Reset the Windows administrator password using EC2Launch" guide.
The EC2Rescue tool password reset didn't worked for first time - there was an error 'failed to prepare scripts' but after unloading and reloading the volume for second time and other retry it did work.
answered 5 years ago
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I also faced the same problem, and after trying its seems the old password works, although it could not be seen from the management screen of AWS.