Is the ProtectedData class still an acceptable method to store passwords?

I'm writing a piece of software which will have to store a users password to allow authentication with a 3rd Party service. Unfortunately, this service currently requires the use of a password rather than some other method.

I intend to use the .NET ProtectedData class for this operation.

I'm essentially asking - is this acceptable in 2015? Is there a better and more secure method of storing this data?