The application-specific permission settings do not grant Local Activation permission for the COM Server application

This error can be found in the Event Viewer. It can be solved in 3 steps: identify the application using the registry, grant local activation using the Component Services console, restart IIS. Below are the details copied from Mike H's blog post (I changed the service affected to reflect the problem I had to resolve):

The application-specific permission settings do not grant Local Activation permission for the COM Server application with CLSID

{BA126AD1-2166-11D1-B1D0-00805FC1270E}

to the user NT AUTHORITY\NETWORK SERVICE SID (S-1-5-20). This security permission can be modified using the Component Services administrative tool.

Copy the GUID following the CLSID above, and Start-->Run-->regedit

With the registry editor open, ensure that your cursor is on the computer at the beginning of the tree (make sure you are not in the middle of some previous edit session in the registry editor).

Edit-->Find and paste in the GUID. It'll stop at the application entry - and you will want to note the application name on the right side pane. In this example, it was the Netowrk Connections Manager service that popped up.

Now, open Component Services (typically, from the server - Start-->Administrative Tools-->Component Services), expand Component Services, Computers, My Computer, DCOM Config. Scroll down and find the application (netman in this case). Right-Click-->Properties and select the Security tab. You'll have some options here - the first block Launch and Activation Permissions - ensure that the Customize radio button is selected, and click Edit. Now, add your service account - giving it launch and activate - and in some requirements - remote launch / activate permission.

Restart IIS and continue on.