Index: subversion/libsvn_subr/config_win.c
===================================================================
--- subversion/libsvn_subr/config_win.c	(revision 1673883)
+++ subversion/libsvn_subr/config_win.c	(working copy)
@@ -201,12 +201,16 @@
       svn_boolean_t is_enoent = APR_STATUS_IS_ENOENT(apr_err)
                                 || (err == ERROR_INVALID_HANDLE);
 
-      if (must_exist || !is_enoent)
+      if (!is_enoent)
         return svn_error_createf(SVN_ERR_BAD_FILENAME,
-                                 is_enoent ? NULL
-                                           : svn_error_wrap_apr(apr_err, NULL),
+                                 svn_error_wrap_apr(apr_err, NULL),
                                  _("Can't open registry key '%s'"),
                                  svn_dirent_local_style(file, pool));
+      else if (must_exist)
+        return svn_error_createf(SVN_ERR_BAD_FILENAME,
+                                 NULL,
+                                 _("Can't open registry key '%s'"),
+                                 svn_dirent_local_style(file, pool));
       else
         return SVN_NO_ERROR;
     }