diff --git a/rhodecode/lib/utils2.py b/rhodecode/lib/utils2.py
--- a/rhodecode/lib/utils2.py
+++ b/rhodecode/lib/utils2.py
@@ -497,3 +497,11 @@ def fix_PATH(os_=None):
     cur_path = os.path.split(sys.executable)[0]
     if not os.environ['PATH'].startswith(cur_path):
         os.environ['PATH'] = '%s:%s' % (cur_path, os.environ['PATH'])
+
+
+def obfuscate_url_pw(engine):
+    from sqlalchemy.engine import url
+    url = url.make_url(engine)
+    if url.password:
+        url.password = 'XXXXX'
+    return str(url)
\ No newline at end of file
diff --git a/rhodecode/model/__init__.py b/rhodecode/model/__init__.py
--- a/rhodecode/model/__init__.py
+++ b/rhodecode/model/__init__.py
@@ -43,7 +43,7 @@
 
 import logging
 from rhodecode.model import meta
-from rhodecode.lib.utils2 import safe_str
+from rhodecode.lib.utils2 import safe_str, obfuscate_url_pw
 
 log = logging.getLogger(__name__)
 
@@ -56,7 +56,8 @@ def init_model(engine):
 
     :param engine: engine to bind to
     """
-    log.info("initializing db for %s" % engine)
+    engine_str = obfuscate_url_pw(str(engine.url))
+    log.info("initializing db for %s" % engine_str)
     meta.Base.metadata.bind = engine