I\'ve removed all development and installer certificates from the development portal, created a new CSR and generated new Application and Installer certificates.
Now
The problem is Mac Installer Distribution certificate.
The easiest way to have everything fixed and loose all the troubles just go to Xcode->Window->Organizer->Devices and then on the lower right corner press on Refresh and log in with your account... xcode will generate and download all the certificates and provisioning profiles needed.
I followed the instructions and deleted all expired certificates from the keychain and refreshed the profiles list within the organizer. How ever the error only vanished after I restarted Xcode.
Got it working:
Double check you have removed all old certs, there is a menu item in the KeyChain app to show all expired certs. I threw away all expired certs and things started working.