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Cannot Save from Excel 2003 to networked location.

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I confirmed with the Server administrators that the user has full rights to the specific directory, subdirectories, and even two levels up in the directory structure on the network.
She can create, edit and delete other types of files from other software programs such as Notepad and MS Word.
The problem seems to be isolated to he tries to the use of the "save as" option within Excel 2003. Only on this case she gets the error: "<filename> cannot be accessed. The file may be read-only, or you may be trying to access a read-only location. Or, the server the document is stored on may not be responding."