Obfuscate strings in Python
If you just want to prevent casually glancing at a password, you may want to consider encoding/decoding the password to/from base64. It's not secure in the least, but the password won't be casually human/robot readable.
import base64
# Encode password (must be bytes type)
encoded_pw = base64.b64encode(raw_pw)
# Decode password (must be bytes type)
decoded_pw = base64.b64decode(encoded_pw)
Obviously your best option is to delegate this to a third party. If you can authenticate with whatever you're connecting to using some other credential (eg. the user account your process is running as), you can leave the permission levels up to the OS layer. Alternatively, if sufficiently important / possible you could prompt the user (storing the key in the (arguably) slightly less hackable wetware instead)
If you do need to store some password or key, I'd recommend you store it seperate from your code, in a file you read in, and de-obfusticate if neccessary. This has the advantages that:
You can set the file permissions on the file as tight as possible (ie. only readable by the account your program runs as), unlike the rest of your program which may be read by more people.
You won't accidently check it into your version control system!
No need to be restricted to printable characters (or use awkward escaping) for a python string, so you can use an arbitrary keyfile if possible, rather than a human readable password. If it's non human-entered, there's no reason to have all the weaknesses of passwords.
To obfusticate, you can use base64 as suggested, or some home-brew scheme like XORing or decrypting with another key stored elsewhere, requiring both locations to be looked at. Be aware that this doesn't protect against anything beyond opportunistic shoulder surfing (if that) - make sure that there is some level of real security as well (including obvious ones like physical access to the machine!)