Team Foundation services are not available. Fatal error while initializing web service

PROBLEM:
You get the following errors using Visual Studio Team Explorer when trying to connect TFS

• TF31001: Team Foundation cannot retrieve the list of team projects from Team Foundation Server servername. The Team Foundation Server returned the following error: Team Foundation services are not available from the server. 
• TF30059: Fatal error while initializing web service. 

SOLUTION:
Check if your TFS database and IIS services are OK (up and running..)

If you find this solution useful, you are welcome to press one of the ads in this page.. Thanks!