I would agree with feherke. IMO the best thing to do is store the config file outside the document root, this will prevent the file being accessed through any normal browser request.
Another security measure which seems to be over looked when dealing with db connections is the permissions of the MySQL user. Create a user (in MySQL) that only has access to what is needed. If you will just be selecting data out of the db, create a user with only select permissions and only on the tables needed. Do not use a generic user which has almost all the same privileges as root. MySQL allows almost granular control over user privileges make use the these.
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If you give someone a program, you will frustrate them for a day
but if you teach them how to program, you will frustrate them for a lifetime.