Getting "...The filename, directory name, or volume label syntax is incorrect" when checking out (52052)

Have basic Team Coding set up - no third party software

When checking out any procedure, package etc., the following error is displayed in the output window and it's not possible to edit the source.

"10:38:47 Error: Cannot create file "C:\DOCUME~1\UNAME\LOCALS~1\Temp\$hostname.com:1521\dev.267200.pks". The filename, directory name, or volume label syntax is incorrect"

Windows does not allow a colon (:) in a filename. This defect is only evident when connected using the Direct connect method in the Server Login Window

WORKAROUND:

Create a tnsnames.ora file with the corresponding connections details and use the TNS tab in the Server Login Window to connect

STATUS:

Issue fixed in version 11.5. The latest version of Toad For Oracle can be downloaded at : http://support.quest.com/Search/SearchDownloads.aspx