Check the user your DefaultAppPool is using to connect.
On your IIS manager check DefaultAppPool advanced properties and look for Identity. You need to give it a user with enough privileges, depending on what your site is going to do.
I usually create different AppPools for different sites depending on what they will do, for example, if your app will write documents to a folder on your server, the user of the AppPool will need writing access to that folder.
Also is not a good idea to use an administrator user, as it could lead to potential security breaches. However it could be a good way to check if your problem comes from there.