Powershell New-WebServiceProxy Credentials Issue

Hello,
I'm trying to connect to a web service with alternate credentials, but it just won't work
What am I doing wrong?

$username = "Domain\Test"
$password = "Test1234
 
$secpassword = ConvertTo-SecureString -String $Password -AsPlainText -Force
 
$creds = New-Object System.Management.Automation.PSCredential $username,$secpassword

$webservice = New-WebServiceProxy -Uri "http://cimsws.nam.nsroot.net/cmGroup/group.asmx" -Credential $creds

Getting unauthorized 401 status
If I manually enter the credentials it works or if I use -DefaultCredentials