https://gcc.gnu.org/bugzilla/show_bug.cgi?id=88169

kargl at gcc dot gnu.org changed:

           What    |Removed                     |Added
----------------------------------------------------------------------------
           Priority|P3                          |P4
             Status|UNCONFIRMED                 |NEW
   Last reconfirmed|                            |2018-11-23
     Ever confirmed|0                           |1

--- Comment #1 from kargl at gcc dot gnu.org ---
Fortran 95 contains

NOTE 11.8

The constraints in sections 5.5.1, 5.5.2, and 5.4 prohibit the local-name
from appearing as a common-block-object in a COMMON statement, an equivalence-
object in an EQUIVALENCE statement, or a namelist-group-name in a NAMELIST
statement, respectively. There is no prohibition against the local-name
appearing as a common-block-name or a namelist-object.

This appears to prohibit 

  program main
    use foo_nml, only: bar => foo
    namelist /bah/ bar               ! <-- Invalid
    x = 42
    write(*,nml=bar)
  end program

So, I do believe you are correct.  Your code is conforming.

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