1763946 - "Cannot connect to the report server database" Windows application event log: BPC-MS

Microsoft Windows Application Event log contains error message similar to below:

Log Name:      Application
Source:        Report Server Windows Service (HBPCSQL01)
Date: 11/09/2012 22:57:29
Event ID:      107
Task Category: Management
Level:         Error
Keywords:      Classic
User: N/A
Computer:     
Description:
Report Server Windows Service (HBPCSQL01) cannot connect to the report server database.
Event Xml:
<Event xmlns="http://schemas.microsoft.com/win/2004/08/events/event"> <System>
     <Provider Name="Report Server Windows Service (HBPCSQL01)" />
     <EventID Qualifiers="0">107</EventID> <Level>2</Level>
     <Task>5</Task>
     <Keywords>0x80000000000000</Keywords>
     <TimeCreated SystemTime="2012-09-11T20:57:29.000000000Z" />
     <EventRecordID>16668</EventRecordID>
     <Channel>Application</Channel>  <Computer></Computer>
     <Security />
   </System>
   <EventData>
     <Data>Report Server Windows Service (HBPCSQL01)</Data>
   </EventData>
</Event>

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Reporting Server, Application event log, Report Server Windows Service , KBA , EPM-BPC-MS , Microsoft Version , Problem