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Default Why won't Sumproduct funciton evaluate this data

I have written a formula that evaluates whether a set of numbers is
"Red", "Yellow" or "Green" based upon whether the numbers meet certain
criteria. I would then like to count the number of "Red" instances.
I have named the range of data(Red,Yellow, Green). I can't figure out
why the following function returns a #DIV/0!

SUMPRODUCT(--(BadDebt=$E$8))

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