it's
1 It's is the usual spoken form of `it is'.
It's the best news I've heard in a long time.
2 It's is the usual spoken form of `it has', especially when `has' is an auxiliary verb.
It's been such a long time since I played.
Translation English - Cobuild Collins Dictionary  

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"Collins Cobuild English Dictionary for Advanced Learners 4th edition published in 2003 © HarperCollins Publishers 1987, 1995, 2001, 2003 and Collins A-Z Thesaurus 1st edition first published in 1995 © HarperCollins Publishers 1995"