Keyset does not exist issue in creating VS STS project

Error:
Keyset does not exist

When:
While creating Visual Studio ASP.NET STS Website (a project type for WIF)

Impacts:
Causes FederationMetadata.xml to be empty

Reaon(s):
STSTestCert certificate might be corrupt/lost or not accessible.

Resolution:
1. Click Start, type mmc in the Search programs and files box, and then press ENTER. 
2. On the File menu, click Add/Remove Snap-in. 
3. Under Available snap-ins, double-click Certificates. 
4. Select Computer account, and then click Next. 
5. Click Local computer, and then click Finish. Click OK. 
6. Under Console Root, Certificates (Local Computer), in the Personal store, click Certificates. 
7. Select STSTestCert certificate and right click
8. From context menu select All task > Manage Private Keys
9. Most likely, you would see "Object Not found" error. If so, delete this certificate and close console.

Note:
1. If you can not see STSTestCert, this post might not be useful to you OR alternatively, you can try steps 7-9 for all other certificates.
2. If you do not face error in Step 9., then ensure that certificate is accessible to user using Visual Studio

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