I have two things to say. I lost my car keys after school. But it isn’t all bad news (all of it isn’t bad news). I got an A on my math test.
What does “it” refer to in the second sentence?
I thought “it” could refer to “two things” but “it” is singular so it seems like that wouldn’t make sense. I also thought that “it” might just be a dummy it, but “all” refers to it so it doesn’t seem like that’s possible either. Can someone please explain?