Monitor Translator error: "Received Soap Fault: 2; Translator.ConnectFailure; Failed to create SOAP client object"

I am receiving this error message from the Monitor Translator log

Received Soap Fault: 2; Translator.ConnectFailure; Failed to create SOAP client object

This is a common problem with the Monitor Translator.

Solution:

Download and install the Microsoft Tool Kit.

URL:  http://www.microsoft.com/downloads/details.aspx?familyid=c943c0dd-ceec-4088-9753-86f052ec8450&displaylang=en